From Vacant To Vibrant: How Revitalizing San Francisco’s Commercial Corridors Boosts the Economy

This story originally appeared in the San Francisco Business Times

San Francisco’s commercial districts, including Union Square and the Financial District, have long been economic engines, generating billions through tourism, business, shopping, and dining. However, due to COVID-19, high cost of living, public safety concerns and the migration of over 54,800 residents between 2020 and 2021, the city has seen reduced foot traffic and shifts in its population over the years¹. These challenges have contributed to an increase in vacant storefronts, fueling skepticism from people near and far about the future of San Francisco. While this is less than ideal, all hope is not lost! We’ve seen firsthand how cities can bring back commerce and in turn, support stronger and more resilient economies.

By strategically leveraging philanthropic, public, and business commitments, we can incentivize revitalization in a sustainable way. For instance, in 2023, JPMorganChase sponsored SF New Deal's "Vacant to Vibrant" program with a $25,000 commitment –  helping transform vacancies into vibrant communities. Similarly, we have supported revitalization efforts in cities like Detroit and, most recently, Baltimore, where earlier this year we made a million-dollar commitment to the Baltimore Civic Fund².

With matched funding from the City of Baltimore, we’re doubling down on the impact for small businesses by empowering social entrepreneurs to successfully secure and transition to commercial spaces in Downtown Baltimore and West Baltimore. Leveraging the Downtown Partnership of Baltimore BOOST program – now on its fourth cohort – we’re helping to equip business owners with the capital, connections, customers and other critical resources needed for growth.

Through previous cohorts, this one-year, intensive program has already successfully helped more than 15 businesses open up shop in previously vacant spaces through grant funding and a robust cohort model, supporting the long-term success of small businesses in Downtown Baltimore³. By supporting the continuation of this program, we not only ensure vibrant commercial activity but also help create a ripple effect on resident well-being, equity, neighborhood development, and the local economy.

While we recognize that there are numerous approaches to revitalizing San Francisco's commercial corridors, we’re eager to share the insights and lessons we've gathered along the way, so we can make a meaningful impact together:

Develop and support short- and long-term, evidence-based policy solutions: Legislation is essential for revitalizing commercial corridors through large-scale civic action, but it must be community-informed to be effective. JPMorganChase supported the San Francisco Bay Area Planning and Urban Research Association's Future of Downtown San Francisco report, which includes a policy brief titled "Small and Mighty" and a report called "From Workspace to Homebase." "Small and Mighty" addresses challenges faced by small businesses, such as complex regulations, inadequate street cleanliness, and public safety issues, and suggests policy solutions. "From Workspace to Homebase" highlights that San Francisco's office buildings are strong candidates for residential conversion but face significant challenges due to the city's building code.

Invest in community-based organizations focused on bolstering commercial activity: Local nonprofits and community organizations are the heart of every community. They consistently remain on the frontlines, advocating for and ensuring that residents, entrepreneurs, and small businesses have the resources and tools needed to thrive. With that, in 2023, we provided $250,000 in philanthropic capital to the Renaissance Entrepreneurship Center to advance their efforts to build the capacity and maximize the operations of existing businesses in Bayview Hunters Point⁴. By harnessing their strong ties to the community and local businesses, JPMorganChase is helping support the vitality of the Third Street commercial corridor so it can become a destination spot for local residents and visitors across the Bay Area.

Advance cross-company collaboration: In May, we joined forces with four other local companies and Hands On Bay Area to form the Downtown Volunteer Coalition. This cross-company initiative aims to actively engage our employees in visible volunteer activities across Downtown San Francisco, ultimately supporting the city’s revitalization. As an active coalition, we call on other companies to join us to support this important work. By working together, we can merge collective resources and expertise to achieve our goals faster, and demonstrate our commitment to the city.

While the work is easier said than done, we know that we can’t solve this challenge alone. Our hope is that by bringing the best of our business to San Francisco and working in collaboration with others, we can invest in the solutions needed to drive economic growth and create thriving commercial corridors.