QUESTION
What impact will allowing certain home-based businesses have on existing storefront vacancies?
0:47:19
·
120 sec
The council member questions if promoting businesses operating from homes under the City of Yes for Economic Opportunity initiative could increase vacancies in commercial corridors and shopping centers.
- She expresses concerns that home-based businesses may further reduce demand for brick-and-mortar retail spaces
- She cites emptying shopping centers in her district as an existing challenge
- SBS states there will be limitations on allowed home-based business activities
- SBS views home businesses as a potential pipeline to eventually occupy vacant commercial spaces as they grow
Vickie Paladino
0:47:19
As we know, storefront vacancies now have become somewhat rampant.
0:47:25
Right now, in my district, I have shopping centers that are just emptying out.
0:47:33
I've been in touch with the owners of the shopping centers.
0:47:36
They really are at a loss right now.
0:47:39
But my biggest concern is the city of yes.
0:47:42
And the economic end of it.
0:47:47
When we talk about moving stores or people self starting in their homes, actual businesses that could be in bricks and mortar.
0:47:59
How is the city of yes and this economic opportunity going to impact the already very large number of storefront vacancies that we do have.
Calvin Brown
0:48:12
I mean, for what we know from the city of Yes, there will be a limitation on those in home uses, so not every business will be able to be occupied within their home.
0:48:22
But from SBS point of view, we look at that's like a pipeline.
0:48:26
You know, most bustling businesses started in a home.
0:48:31
And working with those entrepreneurs, eventually, maybe they can, you know, take on those brick and mortar spaces as we help them, as we do, as a agency, help businesses to grow and to operate.
0:48:43
So we feel like it's an opportunity to create this sort of pipeline from in home businesses to brick and mortars.
0:48:51
So, like, I stated, there are gonna be limitations to what those in home uses are, and we just feel that this is another strategy that we can take to address vacancies by making sure that as those businesses grow, that there's a spaces that they can occupy.
Vickie Paladino
0:49:07
Okay.
0:49:09
You know, we also have a lot of mom and pop stores that have been struggling tremendously to keep their heads above water.
