P: Converting File Types Within Lightroom

There should be a way to convert the file type within Lightroom.

I have some large .tiff and .psd files where I am done editing them and want to convert them to .jpeg to save space, since I will never need to edit them again. Currently, the only way to do this is to:

1) Export the .tiff/.psd file as a .jpeg.

2) Import the .jpeg into Lightroom.

3) Delete the .tiff/.psd file.

There should just be a simple step to convert the file within Lightroom without having to export and re-import.