As another year draws to a close, it’s a good time to take stock of some of the new trends that will likely impact small business in the Grand Traverse Region in 2014.

The Beer Craze Turns to…Ingredients: In the past few years many area cherry orchards have transformed into grape vineyards. The trend of growing different commodities going forward will also include increased production of hops and malt for beer production. Just like wine grapes, hops grow well in our local climate. Our growing conditions are also primed for grains such as barley, wheat, and rye – all, once malted are key components of beer. Up until now most of this malt comes from 2-3 major North American producers in midwest breadbaskets of  Canada and the US. The future will bring local beers also made with local ingredients.

Crowdfunding Continues to Grow in Popularity: Not just for small creative projects, multiple online crowdfunding programs will continue to be a key components for many business development projects as interested individuals find projects they believe in and pool their money together to assist with funding the project.

The Reinvention of the National Cherry Festival: With growing concerns of “festival fatigue”, noise, and trash, look for some scrutiny of the National Cherry Festival in 2014. The Festival has already been questioned by some critics for wandering from its traditional farming and agricultural roots. With an aging group of volunteers, Traverse City’s biggest and arguably favorite event will soon look to a new, younger group of people for input and a direction for going forward. If this means a shorter or smaller festival remains to be seen.

Higher Downtown Demand Means -> Higher Housing Prices: With an aging population and young families that prefer to live in walkable communities, the demand for housing in downtowns like Petoskey and Traverse City will increase and with it, housing prices. This will continue to exasperate the lack of available housing for downtown workers and families.

Acme Development, Much More than a Meijer: Just like the Grand Traverse Mall spurred additional developments of big box store and restaurants around it, the much anticipated new Meijer store in Acme, east of Traverse City, will bring with it additional commercial development. Just what cast of big retailers and others this brings will be revealed in 2014. Look for older developments such as the Horizon Outlet Mall and the Grand Traverse Mall to feel the strain as consumers gravitate to the newer, bigger, and better