If you want to set up a customer-facing business, you often have to find a retail space. This is a rental that provides all the facilities that you need where you can legally make sales. However, finding the right space isn’t always easy. You want a location that has the right amount of footfall, offers all of the amenities that you need and is close to other shops in your niche. In this post, we take a look at some of the secrets you need to know to find the ideal retail space. Check them out below.
By Team Savant
Image: ergonofis
Define Your Needs
The first step is to think carefully about what you need from your space. Consider factors such as accessibility, square footage, budget and utilities. For instance, you may need an accessible retail space to make it easy for customers to get to and from your location by foot or car. You might also need a minimum square footage —shop floor space — to house all your merchandise.
Use A Real Estate Broker
The next step is to find your ideal location. But to do that, you’ll want to hire a real estate broker. They often have insights on the market that you can use to make the best investment decisions.
Real estate brokers bring many perks. They can negotiate rents with landlords, get you more favorable lease agreements and tell you about the long-run prospects for the store.
Inspect Retail Spaces
Before you commit any money, get professionals to conduct a retail risk assessment. The purpose of this service is to figure out whether your property is at risk of various forms of crime, such as vandalism.
Your inspection should also consider the condition of the retail property. Brand new units are good, but they require spending more money upfront. Older units sell at a discount, but they can have higher maintenance costs.
Also, consider the parking facilities nearby. Will you have to construct your own parking lot or can you share facilities with other retailers? Are you close to a public parking lot?
Negotiate A Better Lease
Going into the retail unit rental market can feel a little scary. Many landlords will insist that you stay for at least three years — often five. And when you are setting up a brand new business, that can feel like a long time. What if your company fails? What if you want to expand and move somewhere else?
During the lease negotiation process, enlist the help of an attorney who specializes in such matters. Get them to check over the lease agreement to make sure that it is legal.
Also, ask a retail real estate specialist about negotiating down the lease. Sometimes they will be able to provide you with information that allows you to get on the lease cheaper. They may have knowledge that increases your bargaining power.
Choose A Low-Crime Area
Lastly, you’ll want to pick a commercial retail space in a low crime area. High crime increases your security expenses and can discourage customers from visiting your store.