Extensive industrialization shaped the urban landscape of the late 19th - early 20th century Riga. Residential development of the city followed, leading to its inscription on UNESCO World Heritage List due to the high architectural and urban quality. Currently, the prioritized protection and promotion of residential and public buildings as heritage landmarks combined with economic problems has an impact on neglect and deterioration of industrial buildings and areas of Riga. With not a single building being renovated and preserved as a museum and monument for industrial heritage, the survival of industrial heritage of Riga in its urban landscape and on the mind-scape of residents has been put under a serious threat. The dominant approach towards industrial heritage of Riga is visual and functional assimilation. Human commercial, cultural or destructive activities are targeted towards small, but continuous alternations and transformation of structures and territories originally designated for production of goods. Lack of caring ownership and lack of positive social feelings towards long-lost enterprises that failed to survive in post-industrial era could be blamed for this attitude. Small architectural and visual alterations initiated by new owners organizing new activities there tend to erase the initial industrial image and to change visual and mental semantics of the buildings and sites. The development of public and professional attitude towards industrial heritage of Riga during the last two decades will be examined in the paper by analysing examples of continuous commercial production activities, examples of radical functional and architectural transformations, and examples of cultural interventions of various scale and intensity. Large historical industrial urban ensembles along Brvbas iela, Ganbu dambis, Valmieras iela etc. will be examined to highlight their recent history of lost activities, changed and divided ownership, deterioration of structures and gradual simplification of layout. Several small-scale cases of renovation and reuse combining elements of preservation with considerable architectural intervention of prised quality will be revisited with a critical perspective on a long-term social and educational impact. Recent cases for commercial and non-commercial temporary art activities will be examined in the context of Riga’s experience as Capital of Culture 2014 and the public belief in the great potential of culture and architectural heritage for the future development of the city in general. Considering the economic and social threats of decreasing population and commercial pressure on survival of all the branches of cultural heritage, the aim of the paper is to search for those unique options only industrial heritage can provide for a better future, despite all odds.