The location of your retail business has a significant impact on walk-in traffic, potential income, and growth. Read on for seven factors to consider when choosing retail space.
1. Your target customers
Before you begin your hunt for a perfect retail space, you first need to specify your target buyers. You should also determine where your target customers live and work and what they look like. This ensures that you choose a space that allows them to walk in and view your products. For instance, if your target customer is parents with toddlers and baby carriages, you should shop for a more extensive location to accommodate their needs.
One of the most crucial aspects to consider when choosing a commercial space in Lower East Side is security. You want to ascertain your business assets and products are safe from theft and vandalism. As you compare different retail spaces, check the existing security features, including security cameras, gates, and alarm systems the property owners have put in place. Be sure also to research the overall safety of the area. You should be wary of neighborhoods with a history of high crime rates.
While a location with lots of traffic is crucial, a way for clients to get from the road to your shop is equally important. Shoppers prefer a retail outlet that offers the most incredible convenience, so you must consider how clients get in and out of your space. Some of the crucial aspects you should keep in mind to ensure accessibility include:
- The commuting patterns
- Adequate parking space
- Ability to leave and enter the store via different streets
- Access to public transportation
- Convenient parking for delivery vans and trucks
The more visible a retail space is, the less money and time you spend marketing or advertising your products and services. Be sure to look at the retail space from your customer’s viewpoint when considering its visibility.
5. Utilities and infrastructure
Select a retail space with adequate amenities and technology necessary to run your business. This prevents poor services, disruption, and discomfort. Ensure the location has essential utilities such as internet, electricity, and phones. Determine whether you can operate all your appliances without tripping the store’s circuit breakers. In addition, ensure the building has a properly functioning heating and cooling system.
6. The co-tenants
When choosing an ideal space, determine the type of businesses nearby. A perfect location should provide a complementary mix of retailers that share clients to help enterprises feed each other. For instance, if you intend to run a high-end boutique, you should choose a space next to a salon or a nail parlor as these businesses draw the same customer demographic, driving optimal results.
Once you have identified ideal rental spaces, compare the costs to narrow down your choice. However, do not base your choice solely on the rental fee. Be sure to factor in other location-based expenses such as parking, utility, security, and property taxes to choose a rental space within your budget.
A competitive retail landscape provides an excellent opportunity to break into a new market. If you are having trouble finding the right location for your business, consider the above factors to make an informed choice.