COVID-19 Recovery: City urged to enhance strategy targeting core area vacancies

A proposal to reduce the glut of vacant storefronts in London’s core business districts is being called a good start, but stakeholders believe more will be needed.

Responding to a request from city council late last year, the London Economic Development Corporation (LEDC) proposes a partnership with the Small Business Centre, Downtown London, and the Old East Village (OEV) to fill vacancies with local small businesses looking to establish brick and mortar locations.

The LEDC recommends directing $300,000 of city hall’s $10-million Economic Development Reserve Fund towards the strategy.

First a ‘pipeline’ of 15 targeted prospects would be developed from existing small businesses.

A ‘pitch contest’ would then select four to six businesses for coaching, support and start-up grants to locate in downtown London or OEV.

“I see this as a kick-start,” says downtown Councillor John Fyfe-Millar. “We need to do something to reignite that interest and regenerate that economic machine in the core.”

The proposal acknowledges that during the past two years, core business districts have experienced a significant decrease in the number of office workers and amount of foot traffic.

Even during the pandemic, however, some entrepreneurs have seen opportunity in the boarded-up storefronts.

Bofit opened a downtown gym in the midst of the pandemic.

“We are all from London,” says General Manager Amber McKay. “It was really important for us to help to rebuild the downtown core.”

And after 42 years downtown as a mens’ clothier, David E. White invested in a larger store.

His advice to city council is to make a similar long-term investment in the vacancy-fighting proposal.

“The city should look at more than $300,000 spread between downtown and OEV,” White urges. “And it needs to sustain the support. It can’t be a one-hit wonder and gone.”

Fyfe-Millar agrees that economic recovery efforts will take time, “I’d like to see an economic driver in the downtown, like an LEDC that is focused on our downtown core.”

Council’s Strategic Priorities and Policy Committee will consider the London Economic Development Corporation’s proposal at a meeting Feb. 8.