Have Empty Storefronts Found A New Purpose?

In a growing trend, online retailers are leasing retail shops for short periods of time.

Vancouver-based Thisopenspace, which operates a concept that could be compared to Airbnb for retail real estate, announced its expansion into New York last week, Crain’s New York Business reports.

While thisopenspace previously specialized in posting listings for local lofts and spaces that would be suitable for photo shoots and events, it has branched into the retail segment by marketing vacant stores in prime locations.

It is no secret that the retail sector has experienced mass closures this year amid changing consumer shopping habits and the rise of e-commerce, forcing mall owners to get creative in filling space left by shuttered tenants.

Thisopenspace's concept could serve as a temporary solution to landlords who have been left empty-handed as well as e-commerce retailers who have not been able to physically introduce their brand to the public.

Thisopenspace primarily targets online entrepreneurs who want to gain street exposure, but do not want to commit to the type of long-term leases that are required in most retail locations. To help tenants feel even more secure about their choice to team up with thisopenspace, the company also includes insurance and posts photographs of venues to ensure the reality matches what was first advertised, Crain's reports.

Similar to Airbnb, booking the venues is easy and the entire process — from finding a space to negotiating with the landlords — can be done entirely online. The concept now operates in New York, Los Angeles, Toronto, Vancouver and Ottawa.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Wall Street Impatient For Big Tech Returns On Data Center Spending

As AI Adoption Ramps Up, Half A Million Property Managers Are In The Crosshairs

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Philly Retail Momentum Spills From Rittenhouse Into Northern Liberties

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Churchill Downs Plans To Sell 9 Casinos, Focus On Horse Racing

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Bringing Stability And Savings To CRE Insurance Through Working Layer

More Hotel Owners In Need Of Cash Are Getting It From The Big Brands

Forget Buildings, Retailers Are Leasing Environments

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy