Creative Uses for Vacant Buildings
Did you know that an empty storefront costs an average of $76,000 in lost economic activity? Converting a vacant building into a storefront is a great way to utilize the space and revitalize the surrounding community.
Retail stores are struggling overall, but there are a few types of retailers that are experiencing growth. These include dollar stores and discount grocery stores such as Aldi and Lidl. Besides retail, there are plenty of other options for how to fill an empty space! This includes fine dining, entertainment and gathering places, sellers of local foods and other local products, cultural experiences, and lodging and hospitality.
One could also consider converting an empty storefront into a temporary pop-up retail space or even a soup kitchen that gives back to the city. Another option is to use decals and signage to convert the property into advertising space that generates revenue for the owner.
A final option is to simply lease the property to someone else who will put that space to good use. Offering a discounted price for a month-to-month lease could encourage those who need a temporary space to rent it out.
Filling up vacant buildings with new services and offerings is a great way to restore a community. Due to the fact that no new infrastructure needs to be built, it also helps reduce the strain on a limited municipal budget.