I am so glad you asked before doing anything.
The best course is to report the existing Wayspot for removal and submit the new one separately. The order you do that in is up to you - I usually do them at the same time.
The other way, with trying to change the old wayspot to the new point of interest is called “repurposing” and can be considered abuse. Unless the business that was the original point of interest has rebranded, and you have evidence of that.
There was one case where Aaron said that the new business could contact Wayfarer and ask for the Wayspot to be updated. I can dig up that link if you think that would apply.
Edit: found that link: