The washer hoses and cord could possibly reach over to the existing connection box and outlet if you placed a stacked set at the right. The dryer cord and exhaust ducting could maybe reach over to the existing connections if you place a stacked set at the left. Either way, the "plumbing" for the respective machine would be exposed unless concealed with cabinetry.

Or you can have the connections moved whichever way you decide.

What would be the cheaper option to move?

"...to open up more space in this closet"

I'd leave the appliances side by side and install shelves or cabinets above them if only because it's much easier to install, remove, maintain, and service them.

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I agree with wdcruise. Also, you lose folding space which is invaluable. The cost to do what you may need should not be more than a few hundred dollars if that is what you end up deciding. Adding the cabinets as wdcrusie suggested would also be about the same cost, maybe even cheaper. I'd scour local listings for some cabinets and have them installed. You will be happier unless it is floor space you are trying to capture.