There have been significant changes in the retail industry over the last decade. As more and more retailers switch to the world of e-commerce, it is crucial that you make the most of your empty retail space. Besides, you could make up for lost sales with extra money. It will help cover the expenses of running your retail outlet.
The retail industry has had to adapt to the ever-changing online retail explosion. This has led to various stories about retail collapses. Other reports tell of stories related to bankrupted stores, ghost town malls, and the like. It is due to this reason that investors, landlords, and professionals need to get creative when it comes to filling up retail space.
Although it can be challenging to find long-term tenants, many other options can help monetize the empty retail space in no time and provide you with the income you need to be successful. This post looks at some of the ways through which your empty retail space can be monetized.
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Pop-Up Store
The chances are that you have heard of the word pop-up store or shop in the news. Kylie Jenner and many other celebrities have set up their pop-up stores and have paid a decent amount in rent for occupying the retail space. This clearly shows the success of the pop-up store culture. You can earn a ton of money by having your empty retail space booked for pop-up stores to occupy from time to time. There is a reason why pop-up stores have become incredibly popular.
When you offer short-term renting such as in the case of pop-up stores, space will remain occupied and would generate foot traffic and extreme buzz about your area, which could lead to long-term prospects of pop-up stores regularly locating to your empty retail space.
Moreover, if the retail space already has a restroom, technological capabilities, and wifi, then you will be able to accommodate a considerable number of pop-ups from time to time. The pop-up store will take care of everything else, such as the condition of the retail space, advertisement of the location, etc. Besides, you can always advertise your vacant retail space for extra money. If the pop-up store is successful, it could even become a permanent source of income.
A great opportunity to increase hotel revenue and monetize empty retail space is through short term luggage storage. Companies like Stasher.com provide this service for guests, and share the revenue with the hosts (kinda like an “Airbnb for luggage”). This is a great option for guests who have an early flight or late check-in and don’t want to carry their luggage around the city.
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Event Rental
Event rental is similar to a pop-up store and allows you to make money by renting out the vacant space. There are many opportunities through which event rentals could earn you a ton of profit, such as through private event hosting, party venue, celebrity appearances, and more. If your retail space is located in a quaint neighborhood, then it could even host wedding events, anniversaries, birthdays, bachelorettes, and the like.
However, to ensure success through event rentals, you will need to ensure that the space is neutral for all events so that it can be customized according to the needs of the clients. However, before you consider event rentals as a permanent source of income for your empty retail space, make sure to read up the local laws or speak with a real estate attorney. Moreover, you can always pair up with a local events agency to host regular events and turn event rentals into a permanent source of income by paying commission to the events agency.
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Have the Space Subdivided
Rent has become very expensive in recent times, and many people are not able to afford rent. This is why it is always a good idea to consider subdividing the space in order to rent it out to smaller retailers who are looking for vacant space but cannot afford to rent a huge space.
By subdividing the space, smaller shops can be opened in the space, which would end up earning you more than a single vacant space. Besides, more and more landlords have started to subdivide their retail space to make more money.
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Art Gallery Space
The art community is always under-financed and in search of affordable vacant space. Traditional art gallery spaces charge the right amount of money from artists and local artists can have a hard time being able to pay such costs which is why it is possible for artists to hold art exhibitions in your empty retail space.
If you own a plaza or a mall, then artists would be glad to rent your empty retail space as there would be less competition for them in the area. Besides, in the world of today, everyone is obsessed with social media and is in search of an interactive art gallery.
Therefore, leasing to an interactive gallery, an art broker, an artist wanting to showcase his or her work, and an art space is a great way to earn money and fill up the vacant space.
Moreover, there are many art events that are in need of affordable vacant space. A good way to make money by renting your space to the art community is by becoming part of the community itself.
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Renting to Non-Profits
Non-profits are always on the lookout for affordable spaces where they can open their offices or hold fund-raising events. If you have run out of options to monetize your empty retail space, then you can always rent the space to a non-profit. Which is always a good idea to do.
Space will never remain empty when you rent it out to non-profits. Moreover, your empty retail space would also be marketed to others through the fund-raising events, which guarantee long-term earning potential.
Summary
From pop-up stores to renting the empty retail space to non-profits, if you want to compete with the changing landscape of the retail market, then you need to get creative and find new ways to monetize the vacant retail space. In this process, you need to be creative. Furthermore, if it is still difficult to fill up extra space, then you can rent it out to an online retailer for warehousing purposes. The options are endless as long as you put on your creative hat.
