Officials in Hermitage, PA are taking active steps to cushion the economic blow from Shenango Valley Mall’s imminent closure. This looming shut down presents a significant challenge to the local economy, and local leaders are formulating both short and long-term strategies to support local businesses.
These support mechanisms include financial assistance and grants for small businesses, along with urban regeneration schemes. These initiatives aim to maintain Hermitage’s business vibrancy, stimulating the city’s economy in the face of this major change.
The city’s commissioners are considering a comprehensive Displacement Assistance Policy. This policy will help with the relocation expenses and additional costs incurred by businesses impacted by the mall’s closure. Their goal is to reduce the burden on businesses that may be affected by this significant change, offering financial assistance for moving, temporary storage, property improvements, and re-establishment costs.
This anticipated policy mandates that recipient businesses continue their operation within Hermitage for a minimum of three years.
Mitigating economic impact of mall closure
Any failure to comply will necessitate the repayment of funds received.
Mark Longietti, Hermitage’s Director of Business and Community Affairs, stressed the importance of these support measures. He highlighted mini-grants of up to $3,000 to support relocation costs, an initiative that has already proven beneficial, with three companies having successfully relocated within the city.
With the policy’s finalization and subsequent discussion planned for the upcoming vote meeting, Longietti expressed positivity about future changes. He demonstrated an optimistic outlook on the events unfolding in the wake of Shenango Valley Mall’s anticipated closure.
The last anchor store in the mall, JC Penney, is expected to close soon. This will be followed by the complete shutdown of the entire retail complex on May 31st. This date marks the end of an era for Shenango Valley Mall, paving the way for a new chapter for Hermitage’s local economy.
