What to consider if you are opening a new retail store
What to consider if you are opening a new retail store
Top 9 things to consider before you begin your search.
1. Location, Location, Location: Walk in traffic is the best way for a new retailer to be discovered. Walk around the neighborhood and discover the flow of traffic and what it could mean to not be on a corner or to be a half block off the beaten track.
2. Type of space: What side of the street is the space on? Do you get afternoon sunlight? Is the space deep and dark? Is there a lot of wasted square footage in the space? Notice as much as you can on the first tour and make sure to come back several times at different times of the day.
3. Neighbors/competitors: Who is located around you? What is their business and will there be any synergy? Will their customers see value in your merchandise? Make sure you ask your neighbors their thoughts on the location with both the positives and negatives.
4. Crime: Being in a neighborhood that is gentrifying or potentially has some crime issues is fine for a restaurant or office, but potentially disastrous for a retail outlet. Your most valuable asset is your inventory and although insurance will help make up for losses, it is a major distraction from your business. Do a little research and see how many police reports have been filed within a mile of your potential location.
5. Parking: How far away is the nearest parking lot? Do your customers need parking or will most of them be walking to your location? Check what the meter situation is and how often people are getting ticketed. The ability to have your customers park close by and affordably is extremely important. Make sure to do a walk around the neighborhood to look for parking options for your new customers.
6. Signage: How big of a sign do you need to attract attention? What are the regulations of the landlord or the city as it relates to your signage? Make sure to check out the neighbors and ask them how they got through the system if the regulations limit what you are hoping to do.
7. Foot traffic: How busy is the street during the daytime? How busy is the street during evening hours? What types of people seem to be walking around? Is their a bus stop or school nearby that will have people congregating in front of your store blocking people from entering. Take note of who walks by and what percentage of people seem to be window shopping because the more people looking the higher likelihood you’ll find a new customer.
8. Lease Negotiations: In general, try to move away from personal guarantees and ask for the landlord to build as much of the improvements as you can justify. Make sure the get enough free rent to cover the period while you build any necessary improvements.
9. Brokers: Most of the brokers you will be interacting with will be representatives of the owner of the building. If you want to hire someone to hunt for you or negotiate on your behalf, do some online research about brokers in your area who specializes in helping retailers find space.
What to consider if you are opening a new retail store - To learn more about this author, visit Garrett Krueger's Website.
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Searching for a Retail Store Location?
Top 9 things to consider before you begin your search.
1. Location, Location, Location: Walk in traffic is the best way for a new retailer to be discovered. Walk around the neighborhood and discover the flow of traffic and what it could mean to not be on a corner or to be a half block off the beaten track.
2. Type of space: What side of the street is the space on? Do you get afternoon sunlight? Is the space deep and dark? Is there a lot of wasted square footage in the space? Notice as much as you can on the first tour and make sure to come back several times at different times of the day.
3. Neighbors/competitors: Who is located around you? What is their business and will there be any synergy? Will their customers see value in your merchandise? Make sure you ask your neighbors their thoughts on the location with both the positives and negatives.
4. Crime: Being in a neighborhood that is gentrifying or potentially has some crime issues is fine for a restaurant or office, but potentially disastrous for a retail outlet. Your most valuable asset is your inventory and although insurance will help make up for losses, it is a major distraction from your business. Do a little research and see how many police reports have been filed within a mile of your potential location.
5. Parking: How far away is the nearest parking lot? Do your customers need parking or will most of them be walking to your location? Check what the meter situation is and how often people are getting ticketed. The ability to have your customers park close by and affordably is extremely important. Make sure to do a walk around the neighborhood to look for parking options for your new customers.
6. Signage: How big of a sign do you need to attract attention? What are the regulations of the landlord or the city as it relates to your signage? Make sure to check out the neighbors and ask them how they got through the system if the regulations limit what you are hoping to do.
7. Foot traffic: How busy is the street during the daytime? How busy is the street during evening hours? What types of people seem to be walking around? Is their a bus stop or school nearby that will have people congregating in front of your store blocking people from entering. Take note of who walks by and what percentage of people seem to be window shopping because the more people looking the higher likelihood you’ll find a new customer.
8. Lease Negotiations: In general, try to move away from personal guarantees and ask for the landlord to build as much of the improvements as you can justify. Make sure the get enough free rent to cover the period while you build any necessary improvements.
9. Brokers: Most of the brokers you will be interacting with will be representatives of the owner of the building. If you want to hire someone to hunt for you or negotiate on your behalf, do some online research about brokers in your area who specializes in helping retailers find space.
What to consider if you are opening a new retail store - To learn more about this author, visit Garrett Krueger's Website.
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