Criteria when choosing retail property for rent
Despite the massive rise of e-commerce, many entrepreneurs prefer to have brick-and-mortar stores, too. This is the place where customers can see, touch, test, try on goods, enjoy great service and atmosphere. To make the right choice, you need to consider a few factors. First of all, analyze potential target market, local demographics, and other retailers nearby and then decide on the area for your future store. Next, if you have several options that are suitable for you, they can be evaluated with a checklist containing such points as the availability of parking space, storage area, restrooms, surveillance cameras, high-speed internet, fire protection, lightning, need for repairs/renovation, etc. With this approach, you will be able to rent retail space with the best quality/price ratio.
Business location generates sales
Location is one of the key factors for the success of your business as it cannot be copied by competitors, ensures your strategic gain and is capable of attracting many customers to your retail outlet.
One option is to rent a shop within a shop. The advantage is that it already has foot-traffic and clientele. It is important though that your brand image is in line with that projected by the shop. Retail space for rent in a shopping center, mall or an outlet center has even more merits. With a high number of visitors here, you have constant target audience exposure even if you rent a small kiosk. If you do not appreciate the proximity to other retailers, you can choose a trade area without competitors, for instance, a busy road. Free-standing buildings usually have lower occupancy costs. It might be a reasonable choice for a food outlet. Commercial lease in business districts guarantees constant pedestrian traffic, but the rent price is high, too.
Retail space lease agreement
There are many points to consider and negotiate before you put your signature. First of all, if you rent a store in a shopping complex, you may want to sign an exclusive use agreement, which means the landlord cannot lease retail space to your direct competitors in the same building. Secondly, apart from the rent price, there might be hidden costs, such as insurance, maintenance, etc. All operating expenses should be precisely defined in the agreement as well as the tear and wear sum, which will be detracted from the security deposit. You will design your retail space depending on your brand image and products, although it may conflict with the general concept of a mall. Or you want to make alterations and improvements which the landlord might not approve of. The more thoroughly all these details are discussed, the smoother your lease will be.
Shopping that evokes emotions
As soon as you have moved into your new retail space, it is time to use all the smart marketing strategies to make your sales skyrocket. Colorful and creative window displays will attract customers to your store. Once they open the door, trendy music and, perhaps, a signature scent make them stay by triggering pleasant associations. Installing large screens with informative content on your products might also be a good idea.
God is in the details
The rule of thumb is that customer’s comfort is above all. A smart product display with goods grouped to make the customer’s choice as convenient as possible and enough space between stands or aisles will make your visitors come back. A mini-café on-site or merely seats to wait while others try on clothes, tasting stalls in a food store, a playground for children if mothers are your target audience, fitting rooms with flattering light - all these tokens of appreciation will contribute to the success of your business. Creating a unique customer journey is the art that is not easy to master, although it brings many rewards and helps create a positive brand image.