CHARLOTTE, N.C. -- More than 400,000 people are expected in Uptown for the three-day Speed Street festival, which began Thursday. Organizers said the crowd for the free event could surpass last year's attendance.

Jay Howard, whose production company has planned the event for the last 14 years, said the number of vendors participating in Speed Street is down about 10% from last year.

Businesses that have set up along five blocks of Tryon Street could benefit from a larger crowd than in previous years, Howard told NewsChannel 36.

"They’re going to get to interact with a ton of people in a three-day period, as many or more than they did last year," he said.

John Ashley of Charlotte said he brought his family to Speed Street for the first time Thursday evening, after browsing the booths in previous years during his lunch break in Uptown.

He said the free entertainment made the trip worthwhile.

"That makes it nice, not having to spend any money," Ashley said.

Some vendors interviewed Thursday evening expressed concern about sales but said it was too early to tell if this year's crowds would spend less.

"It’s a recession so you may have people stacking the money in their pockets and not giving it to us as opposed to last year," said Phil Eady, a vendor who sold novelty sunglasses and battery-powered bubble makers from his post at Tryon and 5th Streets.

Some attendees of the festival said they would not limit their spending.

Ralph Ames of Poughkeepsie, NY was visiting Speed Street for his third year in a row and said he would probably spend more money on this year's trip than he has during previous visits.

"I'm 76 years old. How much can I save?" he said. "I'm just going to spend every penny I can and just have a ball."