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Economic Restructuring on Main Street
By Mary Vaccari, Winsted
This is the fifth in a series of articles by Friends of Main Street participants who serve on the Organization Committee. We will attempt to give the community an overview and understanding of Friends of Main Street and where our goals and endeavors will take us.
Over the past several decades, Main Street has undergone profound economic changes, brought on by a building glut that initially took the form of regional shopping malls and commercial strips, and continued in the 1980s and '90s with the advent of discount superstores. With an excess of space, it was inevitable that Main Street would suffer economically. As businesses struggled to compete with chain stores at the mall, vacancies popped up. With less revenue coming in from retail tenants, property owners had less to invest in routine maintenance, and buildings fell into disrepair. Main Street began to look shabby, and the cycle of disinvestment began.
The job of the Economic Restructuring Committee is to identify new market opportunities of the traditional commercial district, find new uses for historic commercial buildings, and stimulate investment in property. The Economic Restructuring Committee must develop a thorough understanding of the district's economic condition and its best opportunities, focusing on incremental changes which will gradually improve the area's economic foundation and eventually make large-scale investment possible.
The Economic Restructuring Committee's five major responsibilities are: learning about the district's current economic condition and identifying opportunities for market growth; strengthening existing businesses and recruiting new ones; finding new economic uses for traditional Main Street buildings; developing financial incentives and capital for building rehabilitation and business development; and monitoring the economic performance of the district. These activities require close collaboration with the other Main Street program committees (Promotion, Design and Organization).
As stated in previous articles about the Friends of Main Street, this is a volunteer organization started by a group of citizens concerned about our Main Street. Any and all residents and/or business owners interested in serving as volunteers with the Friends of Main Street are encouraged to call our office at 738-3351.
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