Bermuda’s retail environment imploded over the last 10 years as the cost of doing business sky-rocketed, the number of bona fide tourists collapsed, and sums spent overseas by Bermudians soared.
Normally small retailers would step in to fill the void. But there’s a problem: there is no retail space available. The large majority of the new and planned buildings in Hamilton do not include any true retail space at the street level (shops, not banks or restaurants). To fill the gap, several of the new SDO resorts are slated to include onsite shopping precincts (which will have relaxed Bermudian ownership restrictions and access to greater capital than local shops).
That’s a problem. Shops are key to making Hamilton a more vibrant city. What’s the C0fH’s strategy to bring retail back to the city streets?