A Wichita parking lot owner finds a new strategy in online reservations

“My Economy” tells the story of the new economic normal through the eyes of people trying to make it, because we know the only numbers that really matter are the ones in your economy.

The United States has a massive amount of parking spaces — up to 2 billion, by some estimates. Ten percent of that belongs to the paid parking industry, which made $121 billion in revenue in 2022.

Like many other industries, the pandemic hit parking hard. Revenue for the parking industry fell to $58 billion in 2020 — a 56% drop from 2019. Bruce Rowley, owner of Best Arena Parking in Wichita, Kansas, says that the industry was “a complete flatline.”

However, as the economy recovered, many parking facility owners like Rowley adjusted their strategies. Rowley began experimenting with online services so consumers could reserve their parking spots and pay online.

“What we discovered is, you know, initially, we were really selling just convenience,” Rowley said. “But what has transformed is when you’re buying online, what we found is people were basically paying for certainty. There was a whole new element added into it.”