Five Ways To Repurpose Your Parking Lot For Revenue Generation During The Pandemic
Posted: Jan, 27, 2021 10:27AM ET • 4 min read
The impact of the COVID-19 pandemic on urban centres across the globe has been significant. Operators of commercial parking facilities are among the many businesses that have been severely affected by the pandemic. Work-from-home infrastructures combined with cancelled concerts, sporting and large public events has led to a substantial decline in parking lot occupancy rates and revenue generation.
The amount of people that once required parking services and monthly parking permits is now significantly less, and timelines for how long this will remain is uncertain; leaving property owners of large parking facilities in unchartered waters. Fortunately, there are many creative ways property owners can repurpose their parking real estate as a means to make up for lost parking revenue.
Below are five ways parking lots can be repurposed during the pandemic to generate revenue:
1. Drive-In Experiences
As movie theatres, concert venues, museums, and most large event spaces remain closed, parking facilities can be used to supplement experiences of art and entertainment. Drive-in experiences have become increasingly popular since the start of the pandemic allowing property managers to generate additional revenue streams. Big box retailers such as Walmart have hopped on the bandwagon by converting 160 parking lots into drive-in theatres this past summer.
There are many different types of drive-in events that can meet your specific needs. Depending on your property’s location and target market, you can strategically curate an experience that adds to your bottom line. Drive-in style events create a sense of community and connection without posing a health risk. Several event ideas that your organization can leverage are:
Drive-in movie theatres
Drive-in food festivals
Drive-in concerts and viewing parties
Drive in comedy acts
2. Drive-Through Experiences
With most large events and festivals being cancelled, many Canadians have enjoyed new and exciting outing ideas that keep themselves and their family entertained. Many Canadian’s have found a new love for drive-through events. The key to a successful drive-through event, is to make it a memorable experience. Several drive-through event ideas your organization can leverage: are:
Drive-through art shows
Drive-through holiday-themed experiences
Drive-through brand activations
3. Pop-Up Farmers Markets
Providing the community with fresh fruits and vegetables, farmer’s markets encourage communities to get outside and be physically active while supporting local businesses. Pandemic restrictions have motivated events as such to get creative with how they can continue to operate safely. Large surface parking lots have become a suitable option for pop-up events as such, making farmer’s markets and the businesses that participate within them an ideal tenant for property managers. In addition to traditional walk-through farmer’s markets, drive-through and drive-up markets too, have potential for success.
4. Pop-Up Retail
Current limitations on indoor shopping centres has encouraged retailers to adapt to new ways of doing business. Many have converted to the “digital world” in order to attract more business and stay afloat during these times. Even prior to the pandemic, retailers were on the hunt for shorter lease agreements and ways to temporarily test new concepts. And that’s how the idea of temporary pop-up shops was born.
For some retailers, opening a pop-up shop during the pandemic might be the difference between remaining partially open or shutting down business for good.
Parking lots can be allocated to facilitate mobile trailers and/or shipping containers that house pop-up shop and retail goods. The trailers and containers can be outfitted and branded as desired to attract potential customers.
With the increasing popularity of pop-up retail activations, this particular concept provides an alternative way for property managers to collect revenue during times of low parking occupancy. Drive-through and drive-up set ups too, have potential for success.
5. Socially Distant Dining Experiences
While dine-in service is restricted, Canadian restaurants can turn to outdoor bubble experiences to maintain their business. Outdoor dining bubbles are typically set-up outside of a restaurant, with food and drinks still being prepared within the kitchen and served to guests seated within "outdoor dining bubbles." This type of experience allows restaurants to remain in business while providing guests a fun and unique private-dining experience.
Low parking occupancy rates have created an opportunity for property managers and parking lot operators to think outside the box. Parking facilities can be utilized for more than just storing vehicles, but transformed from what is usually a consumer’s stop along the way, to a consumers final destination.
References:
Waters, M. (2020, June 06). How COVID-19 could change the future of parking. Retrieved January 26, 2021, from https://thehustle.co/covid-19-business-of-parking-lots/
Jiao, I. (2020, June 21). 10 Ideas To Keep Your Venue Open During Social Distancing. Retrieved January 26, 2021, from https://www.fanfoodapp.com/blog/10-ideas-to-keep-your-venue-open-during-social-distancing
Hirsh, L., & Marr, G. (2020, June 29). The Pandemic Transforms the Parking Lot. Retrieved January 26, 2021, from https://www.loopnet.com/learn/the-pandemic-transforms-the-parking-lot---/1462705423/
The City, R. (2020, August 13). Covid Parking Garages: Functional Structures Get Called to Serve :. Retrieved January 26, 2021, from https://reprogrammingthecity.com/covid-parking-garages-functional-structures-get-called-to-serve/
Share Article:
ABOUT THE AUTHOR
Maria Fiorini
Director, Marketing & Communications
The National Parking Associations 40 Under 40 Class of 2021, Maria oversees a talented team marketers and graphic designers who are dedicated to applying innovative marketing techniques to improve our clients’ profitability. Under Maria’s leadership since 2018, the marketing team has grown significantly as their successes have only increased demand for their services. Among her many accomplishments during her tenure with Precise ParkLink, she spearheaded our digital marketing strategy, a program that has helped several prominent clients see substantial gains in their revenue. Currently, she is leading our Urban Mobility campaign, leveraging her extensive digital marketing experience and intuitive understanding of technology trends within the parking industry. As an innovator, entrepreneur, and someone who appreciates creative, outside-the-box thinking, she firmly believes “there’s a solution to every problem.”
Questions?
Fill out the form below and we will do our best to connect you with a suitable contact.