Bloor West Village is a neighbourhood community and shopping district on Bloor Street that runs the length of the neighbourhood. It is home to excellent shopping, with retailers as well as world-class restaurants. Bloor West Village is the world's first business improvement area (BIA), established in 1970. It now consists of more than 400 shops, restaurants and services. The organization promotes business activity in the area by holding several annual events and festivals. It also puts efforts into the beautification of the area. Recently, housing prices in the area have jumped significantly, and have led to the area's middle-class decline towards a more upper middle- class establishment.