Researchers studying a Toronto pilot project found that installing a bike lane and removing 136 on-street parking spaces improved the business environment for establishments along the corridor. The number of visitors spending more than $100 per month at corridor businesses increased from 44% pre-construction to 53% post-construction, and frequency of visits to businesses on the corridor by individuals increased by 3 days per month. These and other findings led the authors to conclude that there was increased economic activity following the installation of the bike lane.
Arancibia, Daniel, Steven Farber, Beth Savan, Yvonne Verlinden, Nancy Smith Lea, Jeff Allen, and Lee Vernich. “Measuring the Local Economic Impacts of Replacing On-Street Parking With Bike Lanes.” Journal of the American Planning Association 85, no. 4 (2019): 463–81. https://doi.org/10.1080/01944363.2019.1638816