SPRING 2006

From Vacant to Vibrant: Communities Find New Uses for Big Boxes

A Commentary: Immigrant and Refugee Entrepreneurs

After the Storm: Banks Respond to Katrina's Punch

100 Years of Bankruptcy: Why More Americans Than Ever Are Filing

Missourian Named to Fed Council

St. Louis Fed Appoints First Vice President

Federal Regulators Finalize CRA Changes

Have You Heard

Spanning the Region

Calendar

A Closer Look
Included with Bridges is A Closer Look, a supplement that takes topics from previous and current issues of Bridges and examines them from the perspective of a particular area or community. This issue focuses on asset building through individual development accounts, specifically in Illinois and Missouri.

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By Faith Weekly
Community Affairs Specialist
Federal Reserve Bank of St. Louis

This Save-A-Lot grocery store at 1804 Dixie Hwy. (18th Street) in Louisville, occupies what was once a vacant “big box.” (Photo by John Nation)

Fast-food chains originated the concept of “super-sized”; however, big-box retailers have taken the term to a whole new level. Today, big-box retailers such as Wal-Mart, Target and Kmart have embraced the trend of bigger is better and continue to develop mega stores that offer the convenience of shopping for a wide range of consumer goods—from groceries to linens and anything in between that a household might use.

The trend of building new super stores has left a trail of vacant big boxes scattered throughout cities and towns. Rural, urban and suburban communities are all struggling with the reuse of vacant, large retail space.

Julia Christensen, an artist and native of Bardstown, Ky., drove nearly 20,000 miles across the country to learn how communities are reusing these buildings. She discovered that these empty stores have been transformed into a variety of uses—museums, hospitals, churches, restaurants, car dealerships and schools.

The buildings are appealing to businesses, churches and organizations because they are strategically located, with improved roads and plenty of parking, Christensen says. Location is the number one factor, as in any real estate transaction, that increases the appeal of these empty retail spaces, and reusing space presents a more affordable option than building. Even so, the amount of space to be redeveloped can be a costly challenge, and the buyer will plan to develop the space in phases as opposed to all-at-once costs....FULL STORY