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Due to COVID-19 health concerns, many businesses across Canada are operating at a limited capacity. Some provinces in the country, just this month, closed non-essential stores to prevent the further spread of the virus.
That accelerated the growth of online shopping, takeout orders and the need for more delivery service. Now retailers and CRE property owners are facing a more significant challenge – what to do with their empty or limited retail space?
Here are some of the best space-use models retailers are using right now.
Industrial is the new Retail. Retail is now Office. Restaurants are kitchens-only.
Mixed-use properties have always included retail, but now retail spaces themselves are becoming more mixed-use.
Not only are retail mall spaces converting to warehouse use, but retail centres are also welcoming office workers to help businesses with high workplace density. Many are turning their retail space into medical offices, research centres, daycare centres, self-service grocery stores, and more.
When it comes to food, people now mostly rely on delivery services and takeouts. Thus this is causing restaurants to make the switch to the ghost-kitchen model, where they only use the kitchen space to make food and prep food for delivery.