Retail landlords are making good use of vacant storefronts. Rather than let space sit empty, owners are entering short-term lease agreements with pop-up stores.
From closed art galleries to sparsely tenanted malls, landlords are growing receptive to leasing space for as short as a week to speciality pop-up stores, which sell anything from skin serums to designer handbags, the New York Times reports. The benefit is twofold: for popup shops, they gain public exposure, flexibility and oftentimes below-market rents, while landlords are simply happy to have a tenant. Though some landlords believe it is not worth the trouble to prepare a space for pop-up shops, the Times said that sentiment is fading.
Small businesses and online sellers often turn to pop-up stores as a way to experiment with brick-and-mortar retail, and the Times said new brokerage-like companies, including Appear Here, Space in the Raw and Cast Iron Real Estate, are helping landlords market empty space to this new breed of retailer.
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