I found a recent Forbes article from last November, “Does Gentrification Help Or Harm Small Businesses?” by Chad Otar that discusses how small businesses can be affected by gentrification in neighborhoods like those we’ve discussed in class such as Harlem and Williamsburg. Since we’ve typically looked at gentrification as harmful for small businesses so far in our discussions on displacement, it’s interesting to see an article talking about how it may not be harmful and could even be advantageous. Otar brings up that “the majority of small businesses continued to operate after gentrification was up and running”. He also discusses how small businesses should go about using gentrification in neighborhoods to their advantage, and what to consider when moving forward. This includes things like how much business owners should be able to shoot up prices for new richer consumers, as well as considerations like how much rent will be going up, and whether it’s worth it or not to continuing business in the area.
Continue reading “Gentrification May Not Be So Bad for Small Businesses”