Explain how placemaking attracts inward investment. (3)

Question 1

Part 1

Answer 1

Encouraging economic development: Placemaking can foster economic growth by creating vibrant spaces that attract businesses, entrepreneurs, and customers. Public spaces that are well-designed, safe, and appealing can help increase foot traffic and drive demand for local businesses. This, in turn, can attract new enterprises and encourage existing businesses to expand. Inward investors are drawn to areas that demonstrate economic vitality, as it signals that their investment is likely to be profitable and sustainable.

Question 2

Part 2

Answer 2

Placemaking can improve the value of nearby properties by making an area more desirable. When an area is well-maintained and has a good reputation, property owners may be able to charge higher rents or sell their properties for more money. Due to the higher demand created by making the area more desirable.