What can we as a City do to improve the retail vacancy rates?
What can we as a City do to improve the retail vacancy rates?
October 9, 2024
Retail vacancies are driven primarily by supply and demand for retail space. While cities have little influence on these factors, there are things that we can do to attract retailers. The most important is to make it easy for new businesses to locate here. This includes a strong Planning function that responds quickly to requests for information and assistance, does not require businesses to go from Department to Department to get answers, and provides certainty with answers. Mostly it takes a culture dedicated to finding ways to meet businesses’ needs rather than creating obstacles. We are moving in that direction.
Cities can also help by supporting local events that generate visitors, streamlining approvals for permits, and setting reasonable standards for zoning, parking, and other factors affecting businesses.
Cities can target particular businesses, or types of businesses, and attempt to recruit them. This can be time-consuming and expensive. This is most useful after establishing a strong Planning function as noted above.