Creative Strategies for Backfilling Downtown Vacancies

In this new resource, we outline six ideas for creatively backfilling vacancies in your Downtown.

We’ve all seen doom-and-gloom headlines about the retail apocalypse. And while brick-and-mortar continues to be a viable sales channel, the shifting landscape, especially the recent COVID-19 pandemic, has some industry players, particularly Downtown real estate owners and community leaders, trying to figure out how to fill their vacant retail spaces.

As traditional retailers and restaurants shutter, that space is left empty — leaving the owners to find a new tenant, which can take months or even years.

The lack of open stores in neighborhoods and Main Streets decreases property values, which has a trickle-down effect of less foot traffic and ultimately even more vacancies. By keeping storefronts active, even through a short-term commitment, the surrounding area (and rents) will benefit as well.

Remember, recruiting new restaurants and retail brands requires a holistic approach to Downtown revitalization and placemaking. Entrepreneurs and expanding businesses want to locate in neighborhoods with vitality and foot traffic. Residents and visitors don’t often think to shop or dine in an area with shuttered retail and vacant storefronts.

Which comes first and where should community leaders begin?

It begins with a strategic vision to not only identify new prospects for your Downtown, but to also address opportunities for expanding the aesthetic, vitality and vibrancy of the area. At Downtown Strategies, our Strategic Visioning Workshop does just that.