Finding retail space is one of the most difficult and one of the most important steps for your business. Some products and services easily lend themselves to the online world, but if you are involved in the hospitality business or are looking to sell something that needs customer interaction, then you are going to need retail space.
Commercial leases can be a minefield with the terms often skewed in favor of the landlord, so it is important that you choose the right location at the outset because the last thing that you want is to be stuck with a long term lease on a site that doesn’t work for your business. In light of this, we will take a look at how important the location is when choosing retail space, so read on to find out more.
Does the location suit your customer?
The first question that you have to ask yourself when choosing retail space is if the location suits the customer because you have no business without customers. To do this, you have to work out our target audience’s demographic and then ask yourself whether your chosen location meets their needs. Do you need to be near public transport, for example, or is it better to be near schools or even on the high street in your local town?
The answers to these questions will be different depending on whom you are aiming to sell your goods. Does your location offer ample space for your customers to peruse your products, and is there room for changing rooms, if necessary? All these things need to be thought of in advance so that you already know the location that you are looking for before you start viewing properties.
Does the location give you freedom?
When you sign a commercial lease, there is very little room for maneuver, and you are likely to be signed up for at least five years, so you need to know that the location works for your business. This means that you must understand the local regulations in your proposed area. Experts from AustinTenantAdvisors.com recommend that you check restrictions on signage, opening hours, and your ability to hold events as some by-laws can be extremely demanding. Hence, you need to know what you will be dealing with at your chosen location.
If you are starting a new business, it is worth using an agent to ask the difficult questions to a potential landlord or the local authorities, as they will be aware of the pitfalls and can ensure that you get the best terms possible for your needs and that the location really works for your clients. Don’t make the mistake of choosing somewhere too hastily without doing your homework first, or you could find yourself in financial difficulty if your chosen site doesn’t work out.
What is the exposure like?
Advertising costs a fortune in this day and age, so if you choose your retail location carefully, the location itself can help advertise your business. For example, if you are near a large highway and thousands of cars pass by every day, then they are all going to be able to see your storefront, so you effectively have free advertising. Similarly, your chosen location might be on a thoroughfare that many commuters pass by daily on their way to the station or a bus stop, and this gives them ample time throughout the day to mull over your offering and then pop back in on the way home to complete a purchase.
So, when thinking about location, bear in mind the free exposure that your business can generate from its location, and then the potential extra costs will more than be made up for with free advertising. Conversely, if your chosen site is away from footfall, then why not try to use an existing landmark as a basis for your advertising, or failing that, you will know that the money you have saved by choosing a location away from the high street, means that you have a larger advertising budget than you otherwise would have had.
As we have learned, location is key when choosing retail space. Your chosen location must suit your customers’ demographic; otherwise, they are unlikely to make a trip to your shop. You should research the local rules and regulations on your proposed site to ensure that you can do everything you want to do. Ensure that your site has adequate footfall so that you compel shoppers to make a purchase, and if not, gain exposure by linking up with nearby business. If you follow this guide, you will find the perfect location for your retail business.