It would be terrible loss to convert those business spaces into residential. One or two could be changed, as retail needs change over time, but removing possible retail and third space from near people's homes means less walkable neighborhoods.

Where I live, we have short term reuse laws that allow retail spaces to be used for residential, social, or other uses on a fixed basis. Typically a few years. The idea being to review the reassignment when the local needs change.

We get a lot of kindergartens that use these spaces, but also pharmacies, social clubs, and offices. Easy to move in and out.