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 DISTANCED 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

Jiao, I. (2020, June 21). 10 Ideas To Keep Your Venue Open During Social Distancing. Retrieved January 26, 2021, from

Hirsh, L., & Marr, G. (2020, June 29). The Pandemic Transforms the Parking Lot. Retrieved January 26, 2021, from

The City, R. (2020, August 13). Covid Parking Garages: Functional Structures Get Called to Serve :. Retrieved January 26, 2021, from

Ryan Peddigrew

Account Executive, Precise ͵��͵��