Retail Stores' Revival Rests On Non Retail

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The pandemic has been harsh to the wonderful checkout staff at retail stores. Even as brick-and-mortar stores are doing well in certain locations, retail's overall geographical performance has been poor. 

Okay, But Who's Worried?

Municipalities are, as cash strapped cities and towns are under tremendous pressure to generate tax revenue in any way possible.

Historically, retail has been an invaluable source of tax revenue for urban municipal bodies, but the changing nature of retail has changed that.

To Make Retail Work, Look Beyond It 

The over-stored nature of brick-and-mortar retail today requires that municipal, economic, community, and planning departments explore non retail real estate use to substitute the loss in retail sales tax revenues with other forms of taxes. 

Balance The Retail Footprint

In so many cases the value of a property is not the retail asset; rather, the real estate asset on which retail has been located for decades. 

Communities must (and without delay) find the highest-and-best uses for the real estate where retail is struggling and where retail properties are vacant, blighting the location. 

Additional demand components from non-retail uses can strengthen the underlying value of the real estate and create a more vibrant community centre with a smaller retail footprint, but one that is more effective, realistic and sustainable. 

A Sense Of Space Always Works

By incorporating residential, medical, or a new public library into a thoughtfully re-designed master plan for a struggling shopping centre/mall, the remaining market-viable retail can be revived, especially grocery, food and beverage, and personal services, by creating a strong sense of place.