The arrow is on the meter to identify the corresponding parking space for the meter, but in this case, points to the shadow that is being represented.
The face of the meter is intentionally dark so the eye does not rest on it for too long.
I think the wall is more interesting the the shadow.
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Levels adjustment
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What a unique wall - the textures and colors work wonderfully together and really enhance your picture.
The little arrow seems to be pointing out the shadow of itself too!
I'm not a fan of the shadow, however. I think the composition would be better with it either being in a different spot or a different type of shadow overall.