Opinion: Street-Smart Strategies for NYC’s Small Business Future

We must confront a basic but often overlooked truth supporting small businesses means investing in the commercial districts they rely on A small business in The Bronx in Gerardo Romo NYC Council Media Unit This primary electoral contest season offered a powerful takeaway new approaches can disrupt even the the majority entrenched establishments Zohran Mamdani s campaign though lacking big money and relying heavily on digital tools managed to reshape the conversation by deploying strategic tactics to connect with New Yorkers For our city s small businesses this lesson offers powerful possibilities about what s achievable when underdogs embrace a new playbook one that they too can use to survive and thrive In New York City microbusinesses those with fewer than employees account for roughly percent of the city s million private-sector workers employing approximately people This figure doesn t even include the estimated app-based delivery workers who help several of these businesses nor the growing number of gig workers and sole proprietors who emerged during the COVID- pandemic In New York City these businesses are concentrated in industries like food amenity retail personal care and professional services and are decidedly not located in shopping centers Instead they are central to the vitality of our city s retail streets and corridors That is why we must confront a basic but often overlooked truth supporting small businesses means investing in the commercial districts they rely on function d u ac var s d createElement 'script' s type 'text javascript' s src 'https a omappapi com app js api min js' s async true s dataset user u s dataset campaign ac d getElementsByTagName 'head' appendChild s document 'u kmqsczew vunxutxmd' Retail is undergoing a period of profound transition Hybrid work has reshaped daytime foot traffic in a great number of commercial districts leading to a decline in weekday worker spending At the same time consumer behavior is increasingly shaped by social media more than percent of all retail sales are now digitally influenced according to the National Retail Federation Gen Z and Millennial shoppers the first fully digital-native consumers are coming to expect seamless experiences that bridge online and offline environments And if small businesses can t keep up they liability falling behind But this moment isn t just about system The fundamentals of street-level retail still matter For retail districts to thrive in this new day and age they must be places where people want to be Based on decades of experience working with commercial districts across the country I believe our small business policies shoud be grounded in three enduring principles that help create streets that attract and retain consumers Access matters Thriving commercial corridors are easy convenient and at ease to reach That requires a multimodal approach to access reliable inhabitants transit trains buses ferries safe biking infrastructure one Toronto investigation determined that replacing parking spaces with a bike lane quadrupled retail sales on that block walkable streets and yes in particular cases parking General spaces drive foot traffic Safe clean and attractive general spaces and destination-worthy amenities help bring people to local businesses District-level marketing campaigns are especially valuable for small businesses with limited quota to promote themselves Parks plazas and street improvements also make a difference When I lived in Jackson Heights a trip to the P S playground with my son often ended with a stop at Lety s Bakery on th Avenue That kind of everyday synergy between inhabitants space and small business strengthens neighborhoods Access to capital is essential Competing in in the modern day s area requires funding in digital tools physical improvements and storefront enhancements But among small businesses capital is scarce According to JPMorgan Chase U S small businesses have an average of just days of cash reserves for Black- and Hispanic-owned firms that number drops below And outdated signage regulations largely untouched in the City of Yes for Economic Opportunity often prevent businesses from promoting themselves effectively We need to enable more flexible options like blade signs sandwich boards outdoor displays and affordable options for outdoor dining Yet another looming challenge that we must grapple with is the generational transition already underway what chosen call the Silver Tsunami Nearly businesses in New York City are owned by Baby Boomers who will retire or transition out in the next decade Without encouragement these businesses vulnerability closing rather than being passed on With the right tools in place we can facilitate handoffs to family members employees or emerging entrepreneurs To meet this moment City Hall must align the often-siloed programs and policies that touch small businesses across agencies like Small Business Services Transportation Sanitation and Planning This requires strong mayoral leadership with a clear integrated vision for our city s small businesses New York is at a crossroads We have the opportunity and the obligation to reimagine what small business aid looks like in a st-century city Now is the time to seize it Larisa Ortiz is managing director of the citizens and non-profit solutions gang at Streetsense a former New York City planning commissioner and the architect of the City s Commercial District Necessities Assessment CDNA a framework developed with the Local Initiatives Help Corporation LISC for the NYC Department of Small Business Services The post Opinion Street-Smart Strategies for NYC s Small Business Future appeared first on City Limits