Not enough attention has been paid by academics and professionals to the regeneration of smaller cities, which hold major artistic heritage but have inadequate resources to leverage it and bring about positive societal impacts. However, the investment opportunities, offered by the “Next Generation Italia” plan, call on scholars and professionals to discuss how to valorise the great heritage of history, art, culture and traditions embedded in small Italian towns. This paper has adopted a qualitative approach and focuses on the case of Urbino, a UNESCO world heritage site, whose population and economic status are declining because the citizens and businesses are attracted by the lure of higher revenues and the better quality of life i...