How Business Improvement Districts Can Solve the Problem of Vacant Retail Space

For a business improvement district, vacant retail space is a problem. It looks unappealing and can make the neighborhood less safe, creating dead zones.  Not only do vacant buildings fail to bring in foot traffic — they sometimes actively discourage it.

So what’s a district to do?

Reach out to the owners of vacant spaces. Be proactive! Encourage them to list their spaces for short-term leases, attracting popup restaurants, shops, flea markets etc. — this is much better for the district than letting the spaces lie vacant while waiting for that perfect long-term tenant. For some space owners, this idea may take some getting used to, but it need not involve a ton of extra work! ShareMySpace is a great way to connect available spaces with tenants in need of space, and it only takes minutes to list. Take a look at this great video that shows how it works, and share it!

Getting those spaces filled contributes to the local economy in two ways: first, the owner of the space earns rental income from the new tenant. Second, the tenant’s business generates sales — and maybe not just for itself, but for nearby businesses, because customers who patronize one business in a neighborhood are likely to patronize others, too.

Fill the space — revitalize the district!

 

 

Photo credit: SchuminWeb / Foter / CC BY-SA