Searching for the right retail space that ticks all the boxes in terms of price, size, location and access is a tremendous undertaking for any business owner. But with a few fundamental considerations in mind, finding the perfect shop location becomes a little easier.
Location and access
The location of your business is often one of the most important factors when choosing a retail space. Specific things to consider about the location of your retail space are the amount of foot traffic, whether it has street frontage, access for deliveries (if required) and parking for customers and staff or access to public transport.
You should find a location close to home, and consider similar retailers in the area. It might not make sense to open a fish and chip shop a few doors down from another fish and chip shop.
The budget available for your business premises can also be one of the top deciding factors. And in some cases, your budget may even determine the locations available. The type of location may also dictate which areas provide the right setup for your needs. Particularly if you need an industrial building like a factory or a retail space in a shopping centre with plenty of foot traffic. When thinking about your budget, you will need to include things like insurance, shopfitting costs and moving costs.
Size and amenities
The type of business you have will play a role in deciding how much space is enough. There are also laws about how much space is required per employee, depending on the type of business.
The amenities included in the property can also play a role in finding the right retail space for your business. Do you need to provide facilities like toilets for customers and staff? Does the area need to have a storage room or warehouse attached? Amenities can cover both the property as well as nearby businesses. Other adjacent spaces like banks, cafes and parks, can contribute to attracting and retaining both customers and staff.
It’s also important to consider properties that provide enough space, but also allow you to grow as your business grows. These considerations can help reduce your costs in the future by minimising the need to relocate.
Without adequate signage, your customers and potential customers may never find you. Your signage should easily be noticed by passers-by, both on foot and road traffic. With signage options like A-Frame, wayfinding, pylon, under awning lightbox, banners, electronic signs, and 3D fabricated LED signs, there is a signage solution for your retail space.
Buy or lease
Now that you know the elements that go into finding the right retail space for your business and the requirements the retail space should meet for you, it’s time to buy or lease a property. Your budget may restrict your options when it comes down to deciding whether to rent or buy, but there are a few things you will need to know about both options. Items often overlooked concerning leasing commercial space are things like outgoings (water and electricity), rubbish removal, body corporate fees, rates, car parking and inflation on multi-year leases. Also ask about incentives like rent reduction, rent-free periods, fit-out contributions and fixed inflation rate.
Choosing for the right retail space for your business is crucial. Choose a location that allows you to grow with easy access for your customers and staff. Do your homework when it comes to the lease agreement and inspect the surrounding area as well as the building. These will all help when it comes to deciding on a retail place for your business.