Working World is helping a small, organic grocery store in Brooklyn transition to a worker-owned cooperative. Working World finances the buy-in on behalf of current employees, taking a piece of each worker’s share of profits until they’re paid back with interest.
The Community Land Use and Economics Group is a small, specialized, consulting firm that helps community leaders create vibrant downtowns and neighborhood commercial centers. Our work focuses on developing forward-looking economic transformation strategies, with particular emphasis on cultivating locally owned businesses, removing regulatory and financial barriers, creating effective incentives to stimulate new investment, reusing older and historic commercial buildings, and outlining practical implementation plans. Our clients include local and state governments, nonprofit organizations, business improvement districts, developers, and planning firms in the US and abroad.
The City of New York has invested $1.2 million to grow the number of worker cooperatives in the city. It's part of an effort to reduce income disparity and create wealth. In the first year, the program reports establishing or converting (from conventional format small businesses) 21 new worker-owned coops. Here's the annual report.
We've been recommending condominium-izing ground-floor retail space for a long time as a way to help locally owned businesses stay where they are when rent escalates. It looks like the idea is catching on.
According to research by MarketLive, an e-commerce technology platform, 78 percent of shoppers say they're likely to visit stores that text them. 48 percent also say that the quality of a retailer's website influences their likelihood of visiting the bricks-and-mortar store.
Some big-box stores are claiming that, for local property tax assessment purposes, their buildings should be valued at the fair market value of a vacant store of similar size -- buildings that are notoriously hard to sell. Often, that fair market price is a fraction of the value of the new store's building. The strategy is called the "dark store tax tactic" and it's a terrible deal for cities.
Here's a neat little primer on the arithmetic behind affordable/inclusionary housing requirements. It's by Rick Jacobus, someone we teamed with many years ago when we were developing urban Main Street programs in the Bay Area. Spoiler alert: Affordable unit requirements don't affect market-rate prices, but they may serve as a disincentive to new production. Rick illustrates the simple equation with an elegant diagram.