Boss I Tok kok nia. More kok fr me now.
My above suggestion to convert shop unit of 1.3+ksf I to 400+ sf can onli maybe get 3 units. One must not forget the cost to convert. Simple partitions and fitting might cost bout 80k for all 3. No toilet tim.

Another 20k should b enuf hor for 3 toilets provided dev permitted it.
A 1.3+ksf shop bot at ori price 1m, bout there la for upper flr unit, grd more expensive, with the additional cost 'll b 1.1m. If can rent out 2k x 3 units the roi easily beats the current rental for shop or some call it retail unit.
One thg I dunno is how much is a 400+sf of those studio cost har??? If cost onli 200-300k ori price then the return is awesome liao. Anw kenot compare wan la. As usual my kok theory self kantoi liao.
Honestly speaking, shaftsbury footfalls r not matured yet. Many commi owners stil suffering. Not all but many. Some even encountered slow rental payment fr tenants reason being biz not so gd. Hearsay nia. No data ya.
And pls dun trust me. I repeat, I Tok kok nia. No hard feeling ya to shaftsbury owners. Fyi I'm an owner too.

Based on rough view u kind of spot on la sifu...good business and many patrons on grd floor only...1st floor upwards quite a lot biz not doing good and closing down...got a few empty lots too...
Anyway this is normal for new commercial area...thats why tenant must have very high holding power eventhough business right now not so good...