Whether you’re new to the retail industry, or you’re relocating your current business, finding the perfect retail space is imperative. The right location can literally make the difference between success and failure. Factors that make a building the right one can vary, depending on the type of retail establishment, but there are three main things that every retailer should look for. If a space satisfies these elements, you’ll increase your odds of success.
1. Customer Convenience
Your first concern should always be your customers, they are the lifeblood of your business, after all. That said, the first thing to consider is how convenient your location will be for your target demographic to find you. Is there adequate customer parking available? Will the space accommodate your customers comfortably? An out-of-the-way location with little parking that’s too cramped to move around in will turn off customers and limit your potential. Easy access from major roadways, a spacious parking area, and plenty of interior space, on the other hand, shows customers that you care about their needs, and not just their money.
2. Proximity To Competitors
You may think that the best option would be to get as far away from your major competitors as you can. However, experts say that choosing a location as close to your competition as possible is far more beneficial. First of all, if they are doing well, you know that the demographics are right for your business, too. It saves you the time, resources, and energy that it would take to do the research yourself. More importantly, you can benefit from their advertising efforts. Every time they run a new advertising campaign, new customers will be attracted. A portion of them will shop with you and become your customers, as well.
3. The Cost Factor
Obviously, you don’t want to spend more to lease retail space than you have to. However, you cannot base your decision on the monthly lease payment alone. You should also take into consideration how much it will cost you to renovate the space, which is almost always necessary. Don’t forget that you’ll have to have signage to let people know you’re in business, which usually requires a permit from a local government agency. In addition, you’ll most likely pay for gas, electric, internet, and other basic utilities. And, of course, there’s always taxes to pay.
If you’re looking for retail space, contact us any time and we’ll be happy to discuss your needs. We have helped hundreds of businesses find the perfect office, industrial and retail spaces and we look forward to helping you as well.
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