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Lately, I’ve been thinking about business investment in small towns like Tryon, Saluda and Columbus, North Carolina, and Landrum, South Carolina. I overheard someone ask another person in town why Tryon seems to lag behind the others in terms of business activity. Often, when conversations like this are overheard, a town’s unofficial sergeant at arms will step in with a vigorous defense. But it’s not something that can be defended in a traditional sense—it’s more a function of economic indicators and basic market dynamics.

Each town has a different structure. Tryon, for instance, has a mix of storefronts and small offices, many of which are occupied by real estate firms, while others remain unoccupied. That’s fine, but it doesn’t necessarily generate the kind of walk-in traffic that helps restaurants and retail stores thrive.

I’ve often said, “The reason some businesses don’t last here is because we don’t have the market-cap.” Of course, what I’ve called “market-cap” isn’t the Wall Street version that refers to the total value of a company’s outstanding shares. It’s more like economic capacity—how much spending, investment, and overall financial energy a town can realistically sustain. 

In small towns like these, market-cap is more metaphor than metric. It’s shorthand for a town’s economic engine—how much money is circulating, the strength of its property market, and how many people are actively supporting local business. It helps frame a question that’s both practical and pressing: What is this town really worth in terms of economic viability?

Towns across the region take pride in their unique identities. One is known for its friendliness, another for its arts scene or equestrian focus. And while slogans like “If you build it, they will come” are often embraced with optimism, slogans and sentiment alone won’t grow a local economy. That takes strategy, infrastructure and a clear grasp of what drives long-term economic growth.

A persistent issue is lodging. The closest reliable hotels are roughly 20 miles away, a 25- to 30-minute drive. While both offer quality accommodations, their distance presents a hurdle for visitors who might otherwise spend more time in town. Without accessible lodging, towns across the region lose out on weekend travelers, wedding guests and event-goers who might otherwise shop, dine and contribute to the local economy.

It’s not just about opening more businesses. It’s about increasing capacity—getting people to stay longer, participate in local events and keep money flowing within town limits. Otherwise, that spending ends up in larger regional markets like Asheville, Greenville or Spartanburg.

One approach is to welcome boutique hotels and well-managed short-term rentals that match the character of the town. Another is to build stronger collaboration among nearby communities. Joint events and shared branding among Saluda, Tryon, Columbus and Landrum could help attract broader regional interest. There are already efforts underway—the Saluda Arts Festival, Tryon’s art walks, the Tryon International Film Festival and events at Harmon Field and FENCE—but they remain largely disconnected.

For rental-based investors, it’s also important to consider not just what they’re charging but what their tenants can actually afford. Maximizing rent may look good on paper, but if your clientele can’t sustain it, the long-term return will suffer.

Local leaders and investors alike have an opportunity—but it must be approached with data, not just enthusiasm. Towns like Rutherfordton, Forest City and Spindale—once collectively referred to as the ‘string of pearls’—continue to demonstrate the value of shared identity and sustained effort. With their revitalized downtowns, arts scenes and investment in public space, they serve as models of what’s possible when a community works together with intention. Remaining static and independent risks missing out on the full beauty and potential of this entire region—the vineyards, the wineries, the mountains, and the world-class facilities like the Tryon International Equestrian Center. 

It’s time to highlight what exists here because if these communities don’t promote themselves, the larger, more competitive cities surely will. Cash flow analysis, internal rate of return and an honest look at a town’s market-cap should be part of the process.

Or maybe not. But it’s a conversation worth having.