Finding the Perfect Retail Space: How Much Does Size Matter?

When choosing the ideal retail space for your business, you may be tempted to focus solely on the size of the prospective property. You might think, “As long as it is big enough…” However, finding the right space to match your business needs goes far beyond that.

The retail property services experts at LeaseWise never focus only on the size of your retail space but rather consider a whole host of factors. Let us take a closer look.

Business Goals

Before starting the hunt for your new business premises, take some time to review your core business goals. Ask yourself these three important questions:

1. Who is your ideal customer?

Define your target audience and understand who your perfect customer is. This will help you to determine where they like to spend their time and where they want to shop. Now that you know more about your customers, fill in some details about their behaviour, for example, how they will find you and access your store and what ambience will be attractive to them.

2. What does your brand say?

Intimate knowledge of your brand will help you better understand what your customer is seeking and how your brand will satisfy their needs. They may be millennials seeking experience and perceived authenticity. They might be Gen Xers looking for practical solutions or Baby Boomers who need reliability and trust. Your retail property space needs to align with your brand voice and personality and ultimately speak to your customer base.

3. What are your operational needs?

Establish in real terms the amount of space you truly need to display your goods to allow easy movement through your property, with sufficient storage space and ease of navigation for staff and goods. Next, consider special needs like fitting rooms, refrigeration space, power supply, and ventilation requirements. You should also look ahead to future expansions or contractions so that you don’t get too much or too little space.

Key Factors To Consider, Beyond Size

Another crucial factor that cannot be ignored includes the location of your retail store. Busy areas, perceived exclusive areas, locations with more foot traffic and places closer to complimentary products or further from competition may all be more useful than a larger store. Plus, the lease terms and conditions of the space you pick will be very important. The length of your lease, and having options to extend or expandmay make a smaller spot more attractive.

At LeaseWise, we have been working in the retail property sector in Melbourne for many years, and we understand that the right space for your business is not just about the right size.

Contact LeaseWise today for a full range of retail property services. Let us help you find the retail property that will support your business objective and help your business to thrive.