Retail stores are competitive in the rental space with businesses bidding for high foot traffic and strategic locations to get more sales revenue. Retail spaces usually cost more per square foot as compared to office space. The most sought-after is the “anchor store” as it gets the most foot traffic. You can rely completely on Forum properties for all your retail leasing needs. When scouting for retail space, there are few aspects that you must pay close attention to.
The infrastructure should be fire complaint and easy to locate. Additional features like a staircase, lift, and lighting conditions of the commercial building must be kept in mind. If you are looking at leasing a rental store on the first floor, make sure there’s a lift for the elderly customers. What other stores are operating in that commercial complex? Ideally, those businesses should appeal to the same kind of customers. This increases the potential to be discovered by a new customer.
Often, getting the ideal location with the right kind of demographics is a little difficult and can be expensive. As a business, you must make sure you are at the very least accessible to your target customers. The store must be in a friendly and crime-free neighborhood.
Retail stores have scores of customization needs. The layout and the floor plan might be a little tricky for beginners. As retail business owners, you ought to consider planning the layout beforehand for any additional improvements like store pathway trajectory, aligning your products to get maximum sales, interior lightings etc.
Most people prefer to shop from stores that provide a parking facility to their customers. There should be enough for all your customers and the parking area should be generally well lit and secured with CCTV surveillance.
Visibility and Accessibility
Is the store easy to get to from a busy street? Most customers avoid stores that are difficult to get to. Their rational would compel them to shop from the one nearest to the proximity of the main street. However, even if it is located a little far off from the main street, it must have a visible sign board marking its presence.
These are a few of the factors that contribute to the boom or doom of the business. For most businesses, it is all about location. Besides these, there are other factors from the business point of view like the energy efficiency of the commercial space. Retail stores operate for long hours and need to have temperature regulators round the clock. You must consider surveying this aspect with the commercial space owner. Lastly, since retail business is open to public business, the store must also be ADA-complaint.