Within the next several years, the amount of U.S. retail space devoted to specialty stores will contract by about 10 percent, according to a study just released by UBS Securities LLC. This trend will be driven by reductions in store size, closures of malls and the retrenchment of chains that had launched concepts for new demographic groups during the retail building boom.According to Costar Tenant, a national commercial property service, landlords "have no choice but to be creative and think of alternative uses" as they seek to lease space in this new environment. Analysts expect that retail centers--especially those in less than prime locations--will increasingly seek to fill vacancies with alternative, non-traditional uses such as state and local government offices, satellite colleges and universities, medical offices, family fun centers and churches. Second-hand or overstock dealers and seasonal outlets--which have been considered less desirable uses--will also find more space available in this new environment.
Locally, Crestwood Court mall is experiencing success by turning vacant space into an artisan community. At ArtSpace, local artisans rent space for studios where they can create, display and sell their works; space for art classes as well as live theatre is also on the premises. While ArtSpace was originally planned as a temporary use, it's caught on in the community.
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