-Megan Patrick-Vaughn can be reached at mpatrick@vbjusa.com
DON’T GIVE UP ON DOWNTOWN
This morning brought a sad shock when I saw the news that after 50 years and two generations, Vancouver-based Koplan’s Home Furnishings is calling it quits. Citing the bad economy and nearing retirement, the downtown store will close after a going-out-of-business sale.
There have been rumblings that downtown Vancouver is dying, similar to the grumblings heard when Vancouver Mall was built in 1977 and again in the late ’80s when downsizing was the focus. Similarly, critics are suggesting the waterfront redevelopment along the Columbia and adjacent to downtown Vancouver will be wasted.
I have to believe otherwise.
Yes, there are plenty of empty retail spaces. Yes, downtown seems to be challenged in attracting shoppers from other parts of the city. But I’ve noticed many of us who spend time there make a real effort to support the shops, restaurants, galleries and gyms, many of which are locally and independently owned. Let us keep in mind how much more of an impact our spending has on the local economy when it’s spent at these locally owned businesses, rather than at big boxes and out-of-state retailers.
Retail across Vancouver is feeling the squeeze. In the first quarter, retail vacancy was up to 7.9 percent – the second highest in the Vancouver-Portland metro area, according to numbers from NAI Norris, Beggs and Simpson.
The current economy notwithstanding, downtown will bounce back – especially with investment in the waterfront development. If anything, businesses will be attracted by new development, as long as rates stay affordable. Look at what an impact Esther Short Park’s redevelopment had on downtown. It can and will happen again.
Yes, I am an optimist. But from my viewpoint, these empty storefronts offer opportunity for the next faces of downtown Vancouver.
