Experience Princeton, formerly known as the Princeton Business Partnership before its January 2023 rebranding, has released its first annual report highlighting growth and changes in the Princeton business community within the fiscal year ending June 30.
Established in 2022 as a nonprofit, the volunteer-run organization based at 92 Nassau Street serves to oversee the municipality’s five-year special improvement district and promote its commercial prowess through the power of community engagement.
According to its website, experienceprinceton.org, the group hopes to “shape, maintain, and grow a flourishing Princeton economy by offering an exceptional experience for residents and visitors; and advocate for a robust and diverse business community through strong partnerships.”
Its annual report offers an overview of the Experience Princeton mission and vision, highlights from the year, current staff, the impact of donors, in-kind contributions, and volunteers, its FY24 work plan, FY24 approved budget, and compiled financial statements.
Over the course of the year, Experience Princeton announced the opening of 14 businesses, while another, the Walgreens drugstore, expanded to a new location within the Princeton Shopping Center complex at 301 North Harrison Street.
These include: Mostafavi Eye Princeton, 300 Witherspoon Street, an ophthalmologist practice; Johnny Was, 69 Palmer Square West, a bohemian boutique; Hamilton Home, 33 Witherspoon Street, a home decor and gift store; Maman, 43 Hulfish Street, a French-influenced café; Maruichi Japanese Food & Deli, 136 Nassau Street, a convenience store and specialty retailer of Japanese goods; Sona Beauty Salon, or Sona’s Place, 38 Witherspoon Street, a woman-owned eyebrow threading salon and boutique; Alpha Fit Club, 301 North Harrison Street, a gym dedicated to a “circuit-style concept” group fitness training program; Enmoda Salon X Spa, or Enmoda Salon & Spa, 163 Bayard Lane, a luxury salon and spa; Innovative Physical Therapy, 301 North Harrison Street, a physical therapy and fitness center; Charbellem Boutique, 33 Witherspoon Street, a woman’s clothing and accessories store; Aspendos Mediterranean Cuisine, 182 Nassau Street, a Mediterranean restaurant; JAG-ONE, 21 Chambers Street, another physical therapy and rehabilitative care provider; and Princeton Bridal, 301 N Harrison Street, Princeton Shopping Center, a bridal boutique.
Of these, only the Ani Ramen location at 140 Nassau Street, which consisted of the noodle restaurant and a walk-up dessert kiosk with its partnered donut chain, Mochinut, has closed in under a year. Inspection reports indicated that both establishments, according to a November 15 Daily Princetonian article by Ethan Caldwell and Amy Ciceu, “had several risk factors that posed a danger to public health” and were “in violation of numerous public health protocols designed to prevent foodborne illnesses.”
Even more businesses have sprung up in town since Experience Princeton’s report, which includes second locations for Starbucks in the Princeton Shopping Center and Sakrid Coffee Roasters at 300 Witherspoon Street.
The Center for Anxiety clinic opened on the second floor of 16 Chambers Street, offering mental health outpatient and treatment services in the “newly renovated historic Chambers Street Firehouse.” TigerLabs opened up a coworking space at 300 Witherspoon Street, while the Lilly Pulitzer upscale fashion boutique debuted in Palmer Square in October.
Notable highlights for Experience Princeton begin with the organization’s website having received 20,270 unique visitors, while its social media presence on platforms such as Instagram and Facebook helped to connect Princeton business entities with the community. The group’s monthly newsletter also amassed 3,408 subscribers by June 30; to subscribe, see experienceprinceton.org/newsletter-sign-up.
Every last Thursday of the month at 4 p.m., people gathered for Experience Princeton meetups, which were held at different venues throughout Princeton, including the Arts Council of Princeton, Tipple + Rose, the Princeton Senior Resource Center, Hinds Plaza, and others. 149 people “attended at least one of the six meetups” from January to June.
Experience Princeton brought back the “Restaurant Week” tradition after a two-year hiatus and successfully ran it through March 5 to 11. The revival included 40 “participating restaurants that offered prix-fixe menus and exclusive discounts” across the broad spectrum of cuisine, cultures, and cooking styles of local eating establishments like Lan Ramen, the Meeting House, Teresa’s, Witherspoon Grill, Say Cheeze Café, the Bagel Nook, and more. In total, there were approximately 6,196 meals sold, generating about $174,000 in direct spending.
Other accomplishments included both observing and informing others about Small Business Saturday, which took place on November 25 for the second year in a row, as well as the nonprofit group lobbying for the municipality’s Department of Public Works to institute “twice-a-day weekend trash collection from the public waste bins at their cost,” as well as “twice-a-week sidewalk blowing on Witherspoon and Nassau streets,” for a “Cleaner Princeton.”
The “Streetscapes Team” took charge of holiday decorations and raised “over $10,000 to bring 50 flags along Nassau St., 32 strands of LED warm lights, and 52 bows for lamp posts,” while “a greenery blanket with lights was placed on the kiosks.”
As a volunteer-based nonprofit organization, Experience Princeton recorded 3,814 hours of volunteer time from 53 individuals. In the time since its initial publication, that has risen to 5,383 hours for $171,179.40 total, according to executive director Isaac Kremer, who spoke about the group’s goals in a March 2023 U.S. 1 News interview.
Kremer was the state’s first Main Street America Revitalization Professional, or MSARP, and brings years of experience in strategic planning, economic development, and historic preservation to his current position. He joined efforts to revitalize the Princeton SID after heading a downtown management program in Metuchen, where he currently lives.
Donors listed in the report are described as citizens, the Princeton Shopping Center, and MacLean Insurance, while approximately $24,190 in in-kind contributions, or non-monetary goods or services, came from entities such as Town Topics, JerseysBest.com/NJ.com, Morven Museum & Garden, Nassau Inn, and management consultant Rachel Grainger.
Experience Princeton assigned monetary value to its volunteer hours based on the Independent Sector’s “Value of Volunteer Time” estimate with the Do Good Institute from April 2023, which names the current national value of a volunteer hour as $31.80 — a 6.2 percent increase from the previous year — that, when combined with the in-kind contributions, result in Experience Princeton’s total $145k value.
Experience Princeton outlines its priorities in the work plan, which the report defines as an organization’s “governing document that sets up and determines the deliverables of services,” across six sections for those in economic development, marketing and events, streetscapes, and administration, as well as the roles of the executive team and executive director.
Of these 33 listed goals, as Kremer confirmed in a follow-up correspondence, three had already been completed, 24 were underway, and six had yet to be started.
Economic development examines everything from parking and traffic to more long-term goals, such as “a pilot wayfinding project that will help people navigate throughout Princeton,” but the report specifically notes including SID interests in the revised Princeton “Master Plan.”
Haines and Experience Princeton had expressed their support for the proposal in an early November press release, noting that they “look forward” to implementing positive changes that “will encourage innovation, experiential retail, expanded outdoor dining, affordable housing for the employees of local businesses, new parking opportunities, including the utilization of underused lots, and preservation of the unique character of Princeton.”
After a lengthy public engagement process, the municipality’s Planning Board unanimously approved the new plan on Thursday, November 30.
The marketing and events team manages Experience Princeton’s website and social media, “holiday season activities,” hospitality, campaigns highlighting the benefits of shopping locally, and all retail promotions to show the Princeton SID “as a hub of economic activity, while creating a positive image that showcases Princeton’s unique characteristics.”
Streetscapes, according to the report, showcase “a community’s transformation by enhancing the physical and visual assets that set the commercial district apart.” This includes public art projects and displays, temporary plantings on Nassau Street, and working to maintain the appearance and cleanliness of the area.
Another major piece of this urban planning process looks to “explore [the] feasibility of public restrooms in CBD,” or the central business district of Princeton — an idea that would be a solution to one of the town’s most common complaints.
The administrative body oversees financing, partnerships, human resources, and related areas, while the executive team serves as “the first wave of review for any policies and policy changes before they are brought to the board,” with its existing policies reviewed annually. This group must meet monthly, engage in equal communication with businesses, stakeholders, and the public, as well as report on the financial health of the organizations. A “Nominating Action” team will also be selected to help lead the nomination process for new board members.
The executive director, Kremer, is to follow similar responsibilities and offer support for teams, seek funding through grant writing, and represent Princeton at all possible levels.
The projected budget for the period July 1, 2023, through June 30, 2024, combines total program services expenses of $172,750, general and administrative costs of $180,282 — the majority of which are for salaries and rent — and a $13,968 addition to the reserve fund designated for emergency operating costs in the event of a revenue disruption, for a total of $367,000.
Experience Princeton’s liabilities and net assets added up to $200,337, with the document attributing all of its financial reporting to an independent audit completed by Suplee, Clooney & Company, a certified public accounting firm in Westfield.
This is then compared to the statement of functional expenses for the first year’s report, with a total of $191,556 coming from a combined $154,310 in program services and $37,246 in management and general fees across marketing, wages, insurances, and more.
The final pages reveal that the organization’s cash flows have grown from zero to an end-of-year total of $181,806, stating that a large amount of that net cash is “provided by (used by) operating activities.”
Experience Princeton is closing out the year with an initiative that celebrates the seasonal spirit by encouraging people to purchase Experience Princeton digital gift cards and share the gift of shopping locally at over 50 retailers, restaurants, services, and venues with others. These eGift Cards can be redeemed for values ranging from $5 to $300. For a list of participating businesses, visit app.yiftee.com/gift-card/experience-princeton.
Experience Princeton’s website also features a directory of more than 300 Princeton shops, grouped by category, at experienceprinceton.org/directory. The spring iteration of “Restaurant Week,” scheduled for March 2 to 8, 2024, is currently seeking sponsors.
Experience Princeton, 92 Nassau Street (2nd Floor), Princeton. Experienceprinceton.org or isaac@princetonbusiness.org.
