1890 Lockwood Exchange

This is a well-known picture of Lockwood's Exchange, which was located on South Grand. By the turn of the century, it had burned to the ground, and while it was being rebuilt into a brick structure (located at the northeast corner of South Grand Avenue and Church Street), James Lockwood used rooms at the Commercial Hotel to operate out of. But by the following article, found in The Fowlerville Review, published in 1890, the building may not have been this large:

Mr. J.A. Lockwood has been making extensive improvements upon the Exchange. He has fitted up an elegant reading room and has repainted and papered the office. He has purchased the adjoining store building of Mrs. Robinson and will connect it with the hotel, extending the veranda past the store.

So, is the above picture the two storefronts after they were combined?