It is time to start examining why these stores are vacant. Are the businesses that provide services necessary for living profitable enough to pay city rent and living wage with the number of people within a 15-minute walk?
Commercial property owners are in denial at the moment. I have a friend who wanted to open a small restaurant in our neighborhood. The building is mixed use so great foot traffic and great elevator traffic. They contact the realtor who sends back the terms and the terms were eye watering expensive. Since then multiple coffee shops have tried and failed within the same storefront. I'm guessing over 50% of revenue is going toward paying the lease. Now it's been empty for almost a year.
That and the whole notion that a majority of people want to go to a bunch of little shops every day for food and supplies. I go to Kroger or Target once or twice a week and I'm set.
