Out of curiosity I had a look at the Diamond application.
It asks for gross income, how many years in business, what you predominately sell, business license, whether you own the real estate, ....
I think they want to be sure you will be around a while. I don't think they can tolerate a situation like the boom/bust of the 90s where their clients precipitously folded by operating basement operations. That's why added conditions of storefront were likely introduced. I can see being more loose now with that restriction because actual storefront properties are under enormous retail pressure. So maybe they'll let you.
You still need to have storage space and buy around $400-450 worth of stuff to make it worth their while.