Meet Erik Selden, Senior Vice President and team leader of the Washington Trust Banking Team in Vancouver (click here to be introduced to Erik Selden). Over the past two years, Erik has been dedicated to assembling and mentoring a team of skilled, local lenders to serve the financial needs of our area. Their efforts recently culminated in the opening of a new financial center in Downtown Vancouver.
In discussing the region’s growth, Erik highlights the expansion of local small businesses—particularly coffee shops and restaurants—that serve as vital “third places.” These are informal spaces outside of home or work where people can relax, socialize, and connect. Examples of third places include coffee shops, bookstores, hair salons, bakeries, brewpubs, bars, and community centers.
Downtown Vancouver, along with the Waterfront and Uptown neighborhoods, is experiencing notable growth in these third places. This trend is a promising indicator of long-term economic health as our urban population continues to expand.
Historically, Starbucks has epitomized the concept of a third place. While the company may have shifted focus over time, its early strategy exemplifies how third places drive community growth. When Starbucks enters a neighborhood, it often sparks a 12–18% increase in new businesses. In some cases, such as Magic Johnson’s initiative to bring Starbucks to predominantly minority areas, this impact has reached 30–36%.
With an estimated 25–50% of Americans now working remotely and a steady influx of residents moving into Downtown Vancouver, the emergence of more third places is a positive sign. These hubs of social interaction and connection are essential for building a thriving, vibrant community.
Take a moment to explore Erik Selden’s work and the meaningful role his team is playing in fostering both economic growth and social connections in the thriving “Third Place” market in our region.
