Buildings try to hold out for 5-10-20 year lease agreements that only chain retailers can support. However, the lifespan of chain retailers is dwindling at a record pace. Rents and lease commitments are so high, most small businesses cannot compete.
Commercial opportunities are evaluated on a few, misleading data points, such as the volume of foot traffic. This assumes you need a high volume of people to compensate for a low conversion rate. They also emphasize surface-level demographics, judging neighborhoods by age, household income and other one-dimensional data points.
Most retail or commercial tenants are formulaic and outdated. Customers are no longer just consumers of clothes, electronics and other commercialized things. They are conscientious consumers of experiences and unique, meaningful products.
The signs ask passerby to submit their ideas for what should move in next. Users are prompted to text their idea to an SMS short code.
Users text “Myhood” to the short code, which engages a 5 question survey about what they would like to see move into that space next.
Qualitative responses are combined with OurHood’s proprietary mix of behavioral data that provides a richer and more meaningful representation of a neighborhood’s true needs and opportunities.
“Craft store - like Blick or Artists and Craftsmen. This is an artist neighborhood! The closest craft store is on the east side.”
“Trader Joe’s or some other grocery store. We need more things to build a community. Currently a lot of expensive restaurants and busy bars. For those of us who live here we want places to exercise, green spaces to breath, grocery stores to buy food. Would also encourage affordable housing stock be kept available for a diverse, vibrant community.”
“Healthy affordable food restaurant like Sweetgreen or Lyfe Kitchen type place. There are zero healthy food options here. We don't need any more bars or coffee shops.”