This Tech Company Aims To Connect Online Retailers, Landlords With Empty Storefronts
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.
