Coe, speaking ahead of the second edition of the IAAF World Relays in The Bahamas, wants athletics to be at the forefront of inspiring young people into the sport.
"Our aim must be to convert spectators into fans and create attractive propositions for potential sponsors, by showcasing new thinking in our events and disciplines and creating more team competitions for member federations," Coe said.
"Building on these sorts of ideas, I believe that we should also give serious consideration to an 'IAAF Street Athletics' circuit in major cities across the world -- helping us to tap into a new and dynamic fan base.
"We must explore and embrace positive change and if elected as IAAF President I want our sport to embrace this approach."
Briton Coe, twice Olympic 1,500 metres champion and chief organiser of the 2012 London Games, is vying with Ukraine's Sergey Bubka to become the head of the International Association of Athletics Federations.
The election is due to take place in August.
(Reporting by Michael Hann, editing by Ed Osmond)
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