COVID-19 Recovery: City urged to enhance strategy targeting core area vacancies
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A proposal to reduce the glut of vacant storefronts in London’s core business districts is being called a good start, but stakeholders believe more will be needed.
A proposal to reduce the glut of vacant storefronts in London’s core business districts is being called a good start, but stakeholders believe more will be needed.
Responding to a request from city council late last year, the London Economic Development Corporation (LEDC) proposes a partnership with the Small Business Centre, Downtown London, and the Old East Village (OEV) to fill vacancies with local small businesses looking to establish brick and mortar locations.
The LEDC recommends directing $300,000 of city hall’s $10-million Economic Development Reserve Fund towards the strategy.
First a ‘pipeline’ of 15 targeted prospects would be developed from existing small businesses.
A ‘pitch contest’ would then select four to six businesses for coaching, support and start-up grants to locate in downtown London or OEV.
“I see this as a kick-start,” says downtown Councillor John Fyfe-Millar. “We need to do something to reignite that interest and regenerate that economic machine in the core.”
The proposal acknowledges that during the past two years, core business districts have experienced a significant decrease in the number of office workers and amount of foot traffic.
