Important Considerations When Relocating Your Store

Relocating your retail business can be a challenging process, with numerous pitfalls to watch out for along the way. Whether you’ve been forced to relocate your store or have chosen to do it of your own volition, we here at Lease Wise are ready to offer our premium Australian retail lease management guidance to help you navigate the move smoothly.

To give you a heads up, here are a few things you should keep an eye on when you relocate:

Changing Lease Terms and Conditions

Sometimes property owners see a relocation as an opportunity to force or trick retail businesses into new, unfavourable lease agreements. The terms might stipulate a longer lease period, higher rent, and other added costs or removed benefits.

Before agreeing to a new lease, make sure that the terms are within your financial means and align with your goals as a business. 

If you find yourself at the receiving end of an unfavourable, unfair new arrangement, you should call in the pros to help you negotiate a better deal.

Spiralling Relocation Costs

Relocating your store is always going to cost you. Unfortunately, stripping a store and setting everything up in a new location takes time and money, so you need to be absolutely sure that it’s within your means and that the reward is worth the effort.

Aside from the standard cost/reward ratio calculations, you need to keep an eye out for any hidden or unexpected relocation costs. Sometimes, contractors or landlords can take chances by sneaking in fees and expenses into your relocation agreement.

It may very well be the landlord’s responsibility to pay for the relocation if it was necessary. If you’re not sure, you need someone like Lease Wise in your corner to iron out the details and make sure everything is fair.

Maintaining Customer Retention

A common problem that retail store owners face when relocating is that they lose some of their established customer base. This happens because many customers think the store has closed down and are not aware of the new location. Another reason is that the new location is not convenient enough.

The key to retaining your customers is to keep them informed about the move and perhaps even elicit excitement about the change, highlighting through consistent in-store marketing how the new location will improve the store and its offerings to customers.

In this regard, implementing effective communication strategies, marketing efforts, and possibly even incentives for customers to visit the new location can make a huge difference.

Failure to advertise your relocation can lead to the flame of your business being snuffed out prematurely.

If you’re looking for an experienced and capable Australian retail lease management company to assist you in ensuring your retail relocation is carried out smoothly, contact us at Lease Wise today!