Choosing the Perfect Location for Your Retail Business

Have you been searching for “retail space for lease near me?” Are you considering relocating your business? You may be feeling confused about how to choose the perfect location.

Well, if you stop for a moment and think about your favourite stores, why do you keep going back to them? Are they conveniently located? Is there plenty of parking space? Is the store big enough to accommodate the usual number of shoppers?

The answers to these questions mark a great starting point when choosing the perfect location and the experts at LeaseWise have compiled this practical guide to help you.

Know Your Target Market

Analysing the profile of your ideal customer is a great starting point. They might be young families with children, tech-savvy millennials or seniors living on a tight budget. Knowing the demographic of your target audience will go a long way to helping you choose your perfect location.

Being Visible and Accessible

Retail stores must be accessible to high levels of foot traffic, on public transport routes, or with convenient parking facilities to maximise the number of shoppers passing through. Visibility is another factor to consider. If your store is appealing and can be seen from high-traffic zones, you can attract new customers.

Understand the Competition

Researching competitors in the area is vital. Firstly, a successful competitor in the area tells you that there is indeed a market in this location. This doesn’t mean you can or should move in and take over their customers.

But it does mean you can consider offering a variation on the theme to build your own success. Another strategic move to consider is co-locations. Complementary stores placed nearby can help draw customers to both.

Your Space Requirements

Your store will need space for all the stock that you intend to display and enough space for customers to move around freely. Depending on the nature of your business, you will also need to provide a workspace for your staff and sufficient storage space to keep your business neat and tidy.

If your goal is to expand, be sure to consider whether the new space will be able to cater to your expansion ideas. You want to avoid changing locations again and disrupting your return client base if possible.

Lease Terms and Costs

Before finalising your decision, take a realistic look at your rental budget, including the peripheral costs. Lease agreements can be tricky, so consider seeking expert help. The team at LeaseWise are expert negotiators who can ensure you secure a lease that fits your budget and sets your business up for success.

Stop searching online for “retail space for lease near me”. Contact LeaseWise—specialist retail property consultants and tenancy advocates with years of experience. We can help you find the perfect location for your retail business.