When it comes to retail space, location is everything! There’s no doubt that the retail landscape is incredibly competitive but it also offers a lot of opportunities.
Although rent and real estate costs have increased across the country, the right retail space will guarantee steady foot-traffic and lower your marketing costs at the same time.
Here are a few factors you should consider when picking retail space:
1. Local Zoning Restrictions
Before you even think of signing any contracts, you need to look at the zoning restrictions of the area you’re considering and assess whether or not they interfere with your business’s needs. For example, in some areas there are restrictions on operational hours, the sort of signage your retail business is permitted to use, etc.
You’ll have to take the zoning restrictions into account before you decide on retail space.
2. Your Customer’s Needs
In the retail business, a customer’s needs and preferences are of utmost importance. You could have found the most incredible space to set up your business, but if it’s not accessible by your customers, your investment will go to waste.
What’s your target market? What do they look like? Where do they live, spend their free time? Where do they work? These are all important questions that you’ll need to keep in mind during your search for the best retail space.
Put yourself into your customers’ shoes. If they were looking for your services, where would they want you to be located? When they do make their way to your shop, do you offer them adequate parking space? Is the traffic bearable? Is the location safe?
3. Your Brand
Your retail space is an extension of your brand. The location you choose should be in line with your brand’s image and enhance customer perception.
The retail space should add to your brand’s identity, not take away from it.
4. Maximum Exposure
At the crux of every successful business is a strong marketing strategy, however not every business has the budget to set up billboards around town and invest in TV ads. Businesses with limited advertising budgets need to think about alternate strategies.
When the location you choose for your business offers you great exposure, you won’t need to spend heavily on advertisements. Look for a location where your retail store is easily visible to potential customers.
Everyone’s fighting for their share in the retail space. Having nearby competition has its pros and cons. For example, if you’re a quick-service restaurant, setting up shop in a food court that is filled with competition may cause you to lose out on some customers; however, choosing a space that is too isolated may not offer much visibility.
Partnering with experienced commercial real estate broker can help you weigh the positives and negatives of each property before you finally settle for the one that best fits your requirements.
The brokers at Macomb Commercial Real Estate are experts in helping clients find exceptional retail spaces that offer great visibility, high traffic inflow and much more. We can help you in buying commercial property Macomb with the confidence that you’re making the right choice for your business.
With our expertise, you can make grow your bottom line and take your business to new heights.