How to choose a retail space
Finding the perfect space for your retail business can be daunting. There’s a lot to take into consideration and the decision you make can determine the success of your business.
In this month’s blog, we’ve developed a checklist of factors (in no particular order) to consider when looking for a retail space. Only you know what your business needs but hopefully, this list will get you thinking about the right things to make a great decision.
When answering the questions below consider them from the perspective of your business, your staff and your customers. You answers may differ for each, in which case you will need to prioritise perspectives.
The key questions to ask when choosing a retail space:
Location – Is it convenient? Easy to find? Easy to get to?
Size – Is it big enough? Is it too big?
Shape – Is the shape easy to work with?
Price – What is your budget? (Make sure you stay within it.)
Parking – Is there enough parking?
Neighbours – Who are your neighbours? Would your customers shop there too?
Neighbourhood – What is the neighbourhood like? Is it tidy and well-presented?
Lease terms – Is the landlord offering a long or short term lease? What are your obligations? Can you change the fit out and signage?
Safety – Are there any hazards? Is it well-lit after dark?
Public transport – Are there any bus or train stops nearby?
Exposure – Will your business be seen?
Accessibility – Is the property accessible? For mobility scooters? For vision-impaired?
Utilities – What utilities come with the property? Is high-speed internet access available?
Zoning – Are there any zoning restrictions?
Timeframes – When is the property available?
Traffic – Are the roads busy or quiet? Is there much foot traffic?
Demographics – What are the demographics of the area? Is there a local customer base?
As well as the traditional brics and mortar road-front shop, other options you could consider include looking for a space inside a mall, a pop-up shop or joining a retail collective in a shared space.
Finally, rent is a huge cost to any business, so take your time to find the right space – your business will thank you for it.