The retail landscape continues to rapidly evolve as consumers shift to omnichannel and online shopping habits. Investors, entrepreneurs and business owners are scoping out retail space for a variety of new uses that might be more conducive to today’s environment. Repurposing retail space offers plenty of opportunities for businesses looking to maximize an already established storefront.
Here are some alternative ways retail space can be repurposed:
Entertainment
Depending on the size of the retail space, there are a number of ways to transform a space for entertainment uses. Many abandoned box stores are being repurposed as community centers, public libraries or food courts. Large retail spaces offer substantial building size and parking capacity, as well as an optimal location for community members to gather.
Smaller retail stores can be repurposed as lower-cost entertainment businesses, such as comedy clubs, craft studios, or other creative ventures such as escape rooms, axe-throwing bars or virtual reality experiences. Retail conversion projects that emphasize social value, leisure and entertainment are most successful in work-play neighborhoods!
Fitness
Vacant retail spaces are highly appealing for fitness tenants of all kinds. Retail spaces offer fitness centers a number of benefits including their ability to drive foot traffic and the option to lease. Dance studios, boxing studios, gyms and health clubs make great additions to already established retail centers and mixed-use buildings!
Flexible Office Space
The demand for flexible coworking space is on the rise, especially in a post-COVID-19 world. Coworking spaces are an alternative to traditional offices that offer more flexibility and typically operate on a month-to-month lease term. Rather than working from home every day, people have the option to work from a satellite office surrounded by community and amenities.
Storage
Many retail stores are adapting their storefront space to accommodate their ecommerce inventory. A former retail store can easily be turned into a showroom with warehouse capabilities for product display, storage and distribution.