Some of the most well-known businesses across the country have engaged in a strategy that continues to gain new followers every month. These prominent businesses, like Sears and Kmart, are consolidating their footprint and closing the doors on large portions of their brick-and-mortal operations. This leads to much uncertainty about the retail industry’s future, as well as what will become of the vacant storefronts. Although only time will tell, many of the proposed options lead to much optimism within the construction industry. Reliable Commercial Construction has been continuing to monitor this trend and is prepared to usher in several of the dynamic proposals that will revitalize these vacant spaces.
Behind the Retail Shift
The driving force behind the shuttering of thousands of brick-and-mortar businesses is e-commerce and its ever-growing reach. Consumers no longer need to invest their time and energy physically going to the store to purchase their goods. This fact is one that companies are investing great resources in to develop and expand upon, and is considered the future of purchasing consumer goods. Over the remainder of the year and into the next more companies with a large footprint will undoubtedly continue to consolidate by closing their traditional storefronts and leaving the space vacant. With tens of thousands of brick-and-mortar stores falling victim to e-commerce the development opportunity is a new frontier, and one that will require construction.
Innovative Ideas for Vacant Storefronts
No one knows for certain what the future of these newly available spaces will be, and the successful course of action won’t be the same across the board. One proposed concept that has gained some traction is to renovate the large open spaces by carving it into a multi-concept space for businesses with a smaller footprint. This idea borrows from the growing trend of communal/shared office spaces that have been proven attractive to the private sector. Another idea has been to use these vacant storefronts for entertainment purposes, such as theaters, as many of them have tens of thousands of open square feet available. As these creative development concepts are made a reality, another attractive option for many owners of these vacant storefronts will be to keep the land until the dust settles knowing that land value is safely in their back pocket. Regardless of which ideas emerge for these brick-and-mortar locations it will require large renovations to these spaces across the country, and a great future for construction companies during the reshaping.