At Fourth Economy we have been tracking the news about retail store closures. These store closures often can leave significant redevelopment challenges for local community and economic development officials. In future posts we will highlights some of the ways that communities are dealing with these buildings. According to Business Insider more than 5,000 store closures have been announced so far, with the potential for nearly 9,000 store closures by the end of 2017. These store closings are the most physical manifestation of the challenges facing the retail sector.
As a resource to the community, Fourth Economy has started to identify and compile a list of retail store closings. Tracking down the locations has proven to be a challenge, but we have identified 1,768 of these closings so far. You can see the results in the above Working Map of Retail Closings, created in Tableau Public. We are providing this as a resource to the community and will continue to update it as closings are announced and locations identified. If you know of any closings in your area, please send them to firstname.lastname@example.org and we will update the map.
Stay tuned for more.
Recent podcasts about the benefits and drawbacks of nostalgia got me thinking about this human experience, its influence on communities, and what this means for community developers. I believe nostalgia can help create community, but prolonged nostalgia can be detrimental to a community’s ability to adapt and thrive. Community developers should recognize the value of a community’s collective nostalgia, but they should also work with communities to build upon this legacy and develop an inclusive story of the future. Pittsburgh, like many communities across the U.S., may benefit from this approach. Continue reading “Nostalgia: Community Development Friend or Foe? Pittsburgh as a Case Study”
It’s All About the Distance. Or is It?
Sure, power contributes to your ability to hit a home run, but it’s also the mechanics of how you swing that can take the ball farther. Many community and economic development initiatives throw a lot of money (power) at an issue without an understanding of the underlying issues and opportunities. A better approach is to use community input combined with real-time data to better understand the current local mechanics and what forms of investment (money and time) it will take to support change. Continue reading “5 Lessons From the MLB All-Star Game for Economic Opportunity Pursuits”
Guest Blog by Sarah Treuhaft, Director of Equitable Growth Initiatives, PolicyLink
It is another summer in which America’s deep racial fault lines are being painfully exposed. Following the horrific violence in Baton Rouge, Falcon Heights, and Dallas, in a July 8 poll seven in ten Americans said race relations are “generally bad.” A National League of cities analysis of one hundred “state of the city” speeches from 2016 found that mayors increasingly view racism and inequities as major threats to progress in their cities.
Continue reading “Embedding Equity Into Economic Development”
City governments have experienced increasing financial strain over the past several decades – pension payments are coming due, infrastructure needs replacing, and the cost of providing social services is increasing. This leaves little room for local governments to get on the social finance innovation train that has been sweeping the private sector for the past few decades, where bright minds have been exploring social enterprise, low-profit limited liability companies, impact investment, and more. However, many have recognized the importance of bridging the gap between private sector innovation and government, leading to organizations across the sectors investing time and money devising ideas that may fill this void. Continue reading “How the Private Sector is Paying for Public Innovation”
Recently, The National Institute of Standards and Technology (NIST) announced the competition to award its first National Manufacturing Innovation Institute (NMII). Proposers may focus on any advanced manufacturing technology area not already addressed by another institute or open competition. Seven institutes have been funded to date with two currently moving through the review and negotiation process. After attending the Proposer Day session on March 8, 2016, it is clear that many proposal teams have already been formed. Continue reading “NIST Announces NMII Competition”
To many Americans, Canada is our friendly neighbor to the north, known for an affable attitude, a passion for pucks and a penchant for strong beer. What is perhaps less known is how critical trade with Canada is to the economy of the United States. Consider:
- Nearly 9 million U.S. jobs depend on trade and investment with Canada
- Canada is the top export destination for 35 states
- Canada is the number one supplier of crude oil, refined petroleum products, natural gas,
and electricity to the U.S. as well as a
leading supplier of uranium
- 400,000 people cross the Canada–U.S. border daily
While research and data can often predict trends in our economy, large, disruptive changes can have signifiant impacts on how we live our lives. The economy is changing rapidly, growing more interconnected and dynamic. Now more than every past trends do not indicate future performance. Unfortunately, the tools of economic analysis are much better at predicting stable patterns than at predicting significant inflection points and transitions. The data and methods of economics tells us about the past, so even when we do it well, it helps us to predict the stable patterns – it does not predict big disruptions like the housing collapse of 2008. In a recent webinar for the University Economic Development Association (UEDA), I discussed three areas of disruption that will have a major impact on most of our communities. 1) System Disruption, 2) Environmental Disruption, and 3) Cultural Disruption.
You can view the webinar here. This blog post is the first in a series that will explore how a specific community is preparing for one of these disruptions. Milwaukee has taken the issue of water head on. In 2009, a group of Milwaukee-area businesses, education and government leaders formed The Water Council as a 501(c)(3) organization with a mission of aligning the regional freshwater research community with water-related industries. The Water Council links global water technology companies, innovative water entrepreneurs, government, nonprofits, and researchers with a shared commitment to finding innovative solutions to critical global water issues.
Continue reading “Big Disruptions – Water”
On Tuesday, the Indiana Economic Development Corporation (IEDC) announced $126 million in state matching funds to support three regions in pursuing their visions for growth. The Regional Cities Initiative was developed based on a study of regions that have experienced transformational growth, performed last year by Fourth Economy, and is being funded by a tax amnesty program. Tuesday’s announcement was the culmination of months of planning on the part of Indiana’s regions, and Fourth Economy was fortunate enough to facilitate and advise on the strategy for two of the winning regions in those efforts – Northeast Indiana (home to Fort Wayne) and Michiana (home to South Bend). Here are a few lessons learned from our work helping multi-county, cross-sector partnerships identify and prioritize quality-of-life investments meant to attract and retain population.
Continue reading “Big Visions Get Big Dollars in Indiana”
By now, the costs of blight and vacancy are well-documented in terms of unpaid local and school taxes, drained municipal resources, further disinvestment, and/or declining adjacent property values. We have also seen in from our clients the key role that quality of place plays in retaining and attracting talent – a key driver for economic success. No matter the size, competitive communities create places where people want to live and work, and blight can be a major blow in that endeavor. Continue reading “Regional quality of place and the fight against blight”