Finding the right spot for your new business can be one of the most difficult parts of opening a store. Retail space can vary quite a bit and the smallest factors can have big impacts on your bottom line. While you should always consider your customer first, there are many other factors you need to think about. Use this guide to learn more about choosing a retail space.
First off, the easiest way to lease a retail space is with a large company. Large property management companies offer dozens of locations to choose from, so if you find that you need to move locations, you will already have some rapport established with the management company. A website like Summitproperties.ca is a great place to start looking for retail space, as the company offers a very wide variety of locations.
Meet the Needs of the Customer
It is important to think of your customers first and foremost. Even if you are opening a specialty store that people are going out of their way to visit, you need to prioritize the customer. Before continuing, identify your target audience and how they shop. Think about their needs, such as selection, location, and visual preferences, tthen build your retail shop around your target audience.
Some things to consider when choosing a retail space:
- Is this an area your target audience visits often?
- Can you paint or change the décor to better attract customers?
- How big is the space?
- How visible is my signage going to be?
Location is Everything
Having a retail space in a busy location is the key to owning a successful business. Unless your business is banking on convenience, choosing a location is going to be one of the most difficult steps of opening a new store. There are plenty of guides to choosing a retail location online, but here is what it boils down to:
- Accessibility – How easy is it for people to find your location?
- Visibility – How many people will see your store on a daily basis?
- Traffic – Will people walk by your store and be tempted to browse?
Additional location factors to consider include:
- Overall space
- Parking
- Signage
- Competition
- Property taxes
Because there are so many factors to consider when choosing a location, most businesses find themselves discussing their needs with large property management companies. The more properties a company has available, the easier it is to find a space in a desirable location.
Consider Leasing a Space
Being adaptable is an important part of owning a retail space. No one wants to invest in a property in one of the trendiest shopping districts only to see it lose popularity. Leasing a property allows business owners to get the retail space they need in the exact location they want. If their target audience starts shopping in another area, the business can easily move.
Finding the best retail space for your company doesn’t have to be difficult. Simply remember to be flexible, meet the needs of your customers, and choose an ideal location.
