Rethinking Retail Real Estate: 5 Out‑of‑the‑Box Strategies

As traditional big‑box retail continues to struggle, millions of square feet of empty retail space are opening up across the country. But rather than seeing these vacant properties as liabilities, forward‑thinking developers, landlords, and brands are treating them as blank canvases with enormous potential.

Gensler outlines five innovative ways to reinvent underutilized retail space and what they mean for the future of real estate:

1. Immersive Food Experiences

Transforming large vacant spaces into specialty food destinations like international food halls or culinary showcases can turn retail into cultural hubs. These places offer unique experiences that can’t be replicated online, creating visitation drivers and community pride while supporting local jobs.

2. Education & Innovation Hubs

Vacant big‑box stores can house learning and workforce centers, addressing community needs while increasing foot traffic and social value. This approach blends education with civic engagement, turning underused space into places of growth and opportunity.

3. Entertainment‑Driven Destinations

With consumers increasingly valuing in‑person experiences over material purchases, entertainment conversions such as arcades, bowling, and fun parks — transform retail anchors into memorable destinations that attract diverse audiences and lengthen visits.

4. High‑Performing Workplaces

Repurposing retail shells into workspaces complete with amenities like cafés, wellness areas, and collaborative environments responds to the growing demand for flexible and engaging work environments. It also offers landlords a stable tenant base beyond traditional retail.

5. Sports & Recreation Centers

Large floor plates are ideal for sports facilities, from pickleball courts to trampoline parks, supporting community health trends and driving consistent foot traffic, especially among younger, experience‑seeking demographics. 

What This Means for You

For developers and landlords, the message is clear: vacant retail space no longer has to mean wasted potential. Instead of shrinking from big closures, embrace adaptive reuse and creative reprogramming. Turning retail into food, education, entertainment, work, or recreation creates vibrant destinations not just properties with tenants.

In a landscape where consumer behavior prioritizes experience and connection, the future of retail real estate lies less in selling products and more in curating places people choose to spend time in.