From Glut To Prosperity: The Revival of Retail
How can State Street be revived? In my last article on State Street’s retail glut, I pointed out that there are 30+ retail vacancies in the downtown State Street corridor and that Santa Barbara is following a national trend in retailing. That is, there is too much retail space, online sales are challenging retail stores, and generational spending and shopping habits have changed.
The revival of State Street lies with the City, property owners, and retailers. They have to adjust to a changed environment. This is not a transitory phenomenon; we are witnessing one of the rare times in history when there are major shifts in human economic behavior. Shopping and life-style patterns have changed and to ignore them is to see the permanent decline of State Street.