If you are a retailer and looking for a retail space, you need to consider various factors before making up your mind. Retail space is a physical location where customers purchase products and services. Retail spaces are found in the suburbs, metropolitan areas, and shopping centers. Below is what you need to look at when choosing a retail space to lease.

Accessibility

When looking for a retail space, consider how easy it is for your clients to access your store. Shoppers are always looking for convenience stores for them—lease retail spaces in the middle on the streets and not those in the corner for visibility.

You will also want to consider accessibility for your disabled customers. If the retail space has stairs leading up to the front door, make sure it also has a ramp. Automated doors can also be helpful for your customers.

Ensure the space will be large enough to accomodate wheelchairs as well. Consider how much room will be between the aisles and displays to guarantee it will be spacious enough.

Flow of Traffic

The flow of traffic near a store determines its success. Before deciding on retail space, research and understand the flow of people and cars that pass by the area. The larger the traffic flow, the more potential customers you will have at your store.

A secluded retail space might be a less expensive option for you, however, it might decrease the amount of new clients in your store.

Cost

Have a budget of how much you are willing to spend on a retail space. Keep in mind the number of sales you make in a particular set up can help you determine the lease’s cost. For example, you may choose a higher occupancy cost in an area where sales are higher than a place with low occupancy costs and fewer sales.

Understand what your priorities are in a new retail space and create your budget based on that. Talk to a commercial real estate agent to help you get a realistic idea of what your budget should be.

Demography

When you know your retail store niche, brainstorm when choosing a location to attract your target market. Ensure your products and services can meet their needs.

Imagine a typical day for your target customer. Understand places they might visit and streets they will drive down. This will help you get in their head and choose a location most convenient for them.

The Shape of the Space

A more expansive retail space is more desirable by prospective customers because it increases space inside. Customers are also attracted to retail glass shops. Proper arrangement of products enhances your store’s appearance and makes it easy for your clients to get what they want faster.

A shop with large front windows where you can display new items will be helpful for attracting customers. Plenty of windows will also brighten up the space and make it appear more inviting. Don’t settle for a retail space that is closed off and dark.

The Surrounding Area

Look for a busy center with different businesses to support yours. Human beings can be lazy and would want to get everything they want in one place. For example, if you are in an environment where there are supermarkets and grocery stores, they will likely visit your bakery store.

It is essential to involve a real estate law firm when signing a lease agreement so that you may get advice from an experienced attorney. The attorney will help you assess, structure, and document all the real estate property requirements.

 

 

Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2