It’s been said time and time again that location is everything. This is particularly true if you are looking to open a retail store. The success of your retail space, however, will be dependent on many other factors as well, some of them often overlooked. The best way to guarantee a fruitful retail business is to make sure that you take the time to consider each and every one of them before jumping into a binding lease. Read on to discover simple items that you won’t want to dismiss.
Know Your Product
What is it that you will be offering potential customers? Depending on the nature of your business, your company will have different requirements for your new retail space. A convenient store, for example, will need to be exactly that. If you choose a retail space that is too far off of the beaten path, nobody is going to think it convenient. A specialty store, on the other hand, will likely do okay in a more remote area, as its unique goods will make customers feel more at ease with traveling to reach it.
Know Your Target Market
An important step in identifying the perfect retail space for your business needs is defining your target market. This is the population that you are trying to sell your service or product to. Why is this information so imperative? Well, if you are planning on signing a long-term commercial lease on your space, you will obviously want to make sure that it is in an area where your target market will be able to see it. You can learn about the demographics of any given area by visiting your local library. Alternatively, you may choose to work with a real estate Advisor who is well-versed in the demographics of your area. You will want to find a place where your target market lives, works, and shops.
Accessibility & Visibility
Obviously, you will want to make sure that your retail space is both visible and accessible. What exactly does that mean? Well, naturally, the success of your business is going to be greatly impacted by the amount of traffic coming in and out of your storefront. Because of that, you will want to ensure that the space that you choose is in an area where many people walk and/or drive past. You will also want to consider whether the space is within close proximity to public transportation, whether or not there is adequate parking to accommodate your customers, and if delivery trucks will be able to easily drop off goods. Having great visibility will also help to keep your advertising costs down, as word of mouth is often the most powerful element in the growth of a business.
How Much Space Do You Need?
A bigger retail space doesn’t always equate to a better one. If half of your storefront appears empty because you don’t have the product to fill it, you are likely going to turn away many potential customers. Contrarily, if you have a space that is packed wall-to-wall with your product, customers may be turned off by the disorganization. You will want to find a space that can comfortably house both your employees and your customers, while at the same time neatly displaying the product(s) or service(s) you are selling.
Competition and Neighbors
A little competition is a good and necessary thing, but a whole boatload of it could throw a stick in the spokes of your business quickly. Get to know the area that you are looking to lease retail space. Is there a healthy or an unhealthy amount of competition in the area? Equally as important, you will want to see what types of customers your neighbors are drawing in. If they fit the profile of your ideal client, that will be excellent for the foot traffic in your space.
Lastly, have a firm understanding of your budget and stick to it! Don’t get yourself into a retail space that is over your head. Remember that it’s not just about your base rent. You will need to ask who takes care of outdoor maintenance, upkeep and repairs, utilities, and property taxes, among other things.
Looking for Retail Space in Hattiesburg?
The easiest way to ensure that you find the right retail space that will best represent your product or service is to work with a skilled commercial real estate Advisor who can walk you through the process hand in hand. At SVN | Southgate Realty, LLC, we have access to both the knowledge of the Hattiesburg retail market, as well as the most comprehensive database of listings available. Contact us today to find the retail space that will catapult your business to the next level!