Finding the perfect property for a retail business is one of the most difficult, yet important, decisions a business owner will make. Before you embark on your property search, take note of these five crucial factors to determine the best possible space for your retail business.
Location and Accessibility
Determining the ideal neighborhood for your retail store is an integral part of the real estate process. When it comes to retail property, foot traffic is a huge factor in deciding on a property location. A traffic count gives you a quick measure of the potential customers that will pass your doors.
Keep your target market in mind when choosing a location for your retail business. What does your potential customer look like? Think about what they do for work and play, where they live, and their approximate age. Find a location that accommodates your target market’s needs.
You’ll also need to consider accessibility when deciding on a location. Is the location served by public transportation? Is there parking available for customers and employees? Make sure your retail property is conveniently accessible for potential customers.
Co-Tenants and Neighbors
When choosing retail property, business owners should find out who their potential co-tenants and neighbors are. The people whom you share a building, block or shopping center with can have a big impact on your business’ success. The right co-tenants can help drive traffic to your shop, while the wrong neighbors could hurt your business. The best co-tenants and neighbors serve a similar demographic to yours and complement your retail business’ products and services.
Space Size and Configuration
The physical shape, size and configuration of your space have a significant effect on the viability of a retail business. It’s critical that you take into account your current and future business needs when determining how much space is necessary for your retail business. In addition to space size, business owners should look for a space shape and configuration that best showcases their products and services, while achieving their desired layout.
Certain amenities can make retail properties more attractive to business owners. Reliable Internet service, accessible parking, security, cleaning, maintenance and other incentives can add a substantial amount of value to a retail property.