Proven Strategies for Sustaining Local Retail
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Learning Outcomes
- Evaluate the role of planning in identifying, attracting, and sustaining independent retailers.
- Discover the most effective tactics (policies, incentives, and programs) to plan and develop real estate for independent retailers.
- Assemble the appropriate stakeholders (governments, developers, small-business support organizations, community-development financial institutions, corporate partners, etc.) to ensure the success of independent retail tenants.
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The COVID-19 pandemic highlighted the value of independent retailers — a much-desired, yet risky, type of tenant. America adequately supported them through the crisis. Now we are challenged to ensure these businesses can continue to launch and sustain, despite the cumbersome commercial real estate industry. Start-ups and expanding businesses face opportunities as well, but small businesses that initially lease space without tools in place may have to close.
The solution is a suite of tools that extend beyond facade improvements and ordinances to sustaining legacy businesses. It is time to highlight and amplify solutions that support community-based real estate and small-business ownership: custom-designed zoning districts, infrastructure improvements, incentives, approvals processes, coordination with small-business support organizations, and more. These solutions will limit barriers to initial occupancy, providing financial support and policies that aid preservation.
Gain insight into how real estate developers view small businesses and the strategies they deploy to diversify their tenant mix, mitigate risks, and ensure the long-term stability of their commercial products. Learn how local retailers also contribute to the solution set.