ExecutiveChronicles | Prime Commercial Property: Finding Your Perfect Retail Space | Retail is a booming business, and it’s only getting bigger. You must find the perfect retail space for your business to keep up with the market.
This means finding the area where your target demographic lives and works and finding the right size and type of property within that area. Here are some tips on how to do this:
Walk Around the Area You Want to Open in
Walk around the area you want to open in. Look at the neighborhood, the buildings, and the people. Is it a busy street or one with fewer cars? Are there any vacancies nearby that could indicate potential problems with foot traffic or crime?
For example, retail space for lease in Tempe may be a great option because it’s close to ASU, but retail space for lease in gilbert may not be as ideal because it’s far away from college students.
Look at what businesses are already there. Are there restaurants, stores, or other types of businesses that could be a good fit for your retail space? Walk up and down each block several times to get an idea of how much traffic goes through this area at different times during the day (morning rush hour vs. evening rush hour).
Consider Traffic Patterns
Consider the traffic flow as you are looking at your potential retail space. Traffic patterns can be seasonal, affected by weather, and events, and even change over time as new businesses open up in the area.
If you’re considering a space that doesn’t have any traffic flow, it might be worth reconsidering. If you’re looking to open a business that relies on face-to-face interactions with customers, you’ll want to ensure they can easily access your store.
Identify Other Stores and Businesses in the Area
Before you start looking at retail spaces, it’s essential to understand the area you’re in. Take some time to identify the types of businesses in your neighborhood and how they relate to each other. For example:
- Are there any major competitors? If so, what do these competitors offer that you don’t?
- Is there anything missing from your community–a type of store or business that could help fill a void? If so, ensure this type of business is included when searching for retail space!
Look at How Much Retail Space is Available
When it comes to finding the best retail space, it is all about the numbers. You have to know how much retail space is available, and how much is being built and renovated, demolished, or developed. The more you know about these numbers – the better equipped you’ll be to find your ideal location.
Here are some key statistics for Chicago:
- There are 8.8 million square feet of retail space available in Chicago.
- There are 15.5 million square feet of retail space under construction in Chicago.
- More than 900,000 square feet of retail space is being demolished in Chicago.
Think About Your Target Demographic
When looking for a retail space, it’s important to remember that location is everything. You want to be sure that your store is located in an area that is convenient for your target demographic and easy for them to find.
If you’re planning on opening a clothing store, it may not be wise to go with an expensive high-rise building in downtown Manhattan where rent prices are through the roof–this would likely be too expensive for most customers who shop there anyway.
Also, consider whether or not there are other stores like yours nearby; if so, how will yours differentiate itself from its competitors?
There you go!
If you’re looking to open a retail store, finding the right location is essential. You want to ensure your customers can easily access and find parking nearby. Your business will also benefit from being in an area with other businesses that may share similar customer bases or even refer customers back and forth between each other!
Photo by Kevin Schmid on Unsplash
