Fighting The Blight Of Vacant Retail
"Consider the work of Marc Feldman at Developers Diversified Realty, an Ohio-based company that owns nearly 700 retail properties across the country. He and his 15-person team are charged with finding non-traditional uses for available spaces at a time when some 9% of the firm's units sit idle. Among the temporary uses they've landed on: health clinic, campaign office, auction house, county library, swap meet and soundstage for a car commercial shoot. "It doesn't make up for the rents those retailers were paying, but it definitely provides revenue that we wouldn't otherwise have," says Feldman. "Even if it's just for a day or a week, it goes to the bottom line.""
Thanks to Samps