Restore DC: Economic Restructuring Fundamentals

Economic Restructuring Fundamentals

Neighborhood commercial revitalization efforts need to address the economic and market conditions in which the neighborhood business district and its businesses operate.

Revitalization organizations can strengthen individual businesses and the business district by identifying new market opportunities for traditional neighborhood business districts, stimulating investment in the district and strengthening businesses and business offerings in the district.

Understand the current economic conditions of neighborhood business districts and identifying opportunities for market growth, through the collection and analysis of economic data and by monitoring the economic performance of the business district.
Strengthen existing businesses and recruit new ones, through development of a business retention and development program and activities such as merchant mixers and business liaison programs.
Find new economic uses for traditional commercial buildings in neighborhood commercial districts.
Develop and educate businesses about financial incentives and capital for building rehabilitation and business development.

The February 2006 issue of reSTOREing DC describes a variety of relatively easy ways to engage volunteers in business district revitalization.