The words “Main Street” usher in thoughts and images for everyone. Perhaps it was the town in which you were raised. Maybe Main Street echoes a vacation destination in which you discovered a charming downtown.
For me, Main Street is full of imagery, aspirations and current projects. I grew up in a Chicago suburb called Hinsdale which was the epitome of “Main Street, USA.” In 1995, I hosted Disney executives to win selection as one of their production builders in Celebration. As a developer, of residential, commercial and mixed-use projects, I strive to create “place,” the new label for Main Street charm.
Traveling throughout Europe, Main Street Charm is everywhere. It’s natural. Repeated. Memorable.
Part of the charm is the diversity of shop owners and businesses you find on Main Street. The explosive growth of the Commercial Retail sector swallowed up many “Mom & Pop” businesses which anchored so many Main Streets. The model for the retail sector became Malls and Lifestyle Centers. I’m not saying they have no value. The convenience of such centers draw large numbers of consumers.
But, it is the charm which soothes our souls and, sometimes, inspires us to support a local retailer.
Large masterplan communities like The Glen (formerly Glenview Naval Air Station, located in Glenview, Illinois) and Abacoa (located in Jupiter, Florida) are criticized for bucking the commercial retail formula. Let’s not dismiss the value of such attempts.
Main Street doesn’t happen overnight. In most beloved Main Streets, like a fine wine, the charm and vibrant businesses developed over time. Retailers come and go. Such turnover is almost unnoticed. It touches the residents of the town, especially when a favorite Mom & Pop is replaced by a National Chain. Furthermore, Instant-Main-Street labors under difficult financial metrics to perform according to projections. Often these large master plans don’t have the benefit of time.
And yet, over time, the charming Main Streets become more desired.
Perhaps we can discover an acceptable investor metric for such long-term value.
