NEW YORK (NBC News) - In a retail apocalypse, it seems the real estate graveyard isn't getting any smaller.
Toys-R-Us is the latest in a long list of big-box retailers closing stores across the United States. The empty shells of commercial real estate left behind, sometimes called "ghost boxes," are presenting a challenge for brokers.
"These closures release millions of square footage on the market, and there just aren't a lot of retailers that can fill that space," says Mary Diduch, a staff writer for National Real Estate Investor.
Developers have been finding creative ways to bring these lots back to life such as turning an old Kmart into a SPAM museum, or an old movie theater into high school classrooms.
Some shopping malls are also utilizing empty retail spaces for gyms and even apartments. Developers may also see the stand-alone retail properties as an opportunity to fill a much-needed gap in the residential real estate market.
"I've heard from experts that housing is being floated out as an option to fill some of these spaces," says Diduch. "Whether that comes to fruition on a big scale still remains to be seen, but no stone is being left unturned to try to fill these retail vacancies."