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How to Select Retail Space with the Highest Long-Term Value

June 22, 2016

Learn 3 factors to consider when choosing a retail space for your business

For business owners, the real estate landscape can offer a number of opportunities for brick-and-mortar businesses. When rent is low, inventory is inexpensive, and people are willing to spend money, it’s a great recipe for success.

But if you’re looking to start a new retail establishment, don’t simply be lured by low prices or rent to tempt you into signing a long-term deal. Choosing the wrong location can kill your business before you even get it off the ground.

On the flip side, don’t let a high payment scare you away from a great opportunity. If a location offers high-end foot-traffic, easy access for your existing customers, and a constant stream of walk-ins, it could be well worth the investment. In this sense, you can think of your lease or purchase as simply a part of your overall marketing strategy to get people into the doors of your establishment.

Rather than focusing only on price, here are three factors to consider when choosing a retail location:

1. Freedom to set your own rules

It’s important to become intimately knowledgeable about any zoning ordinances, local laws, or potential construction that could affect your business. You also want to know any rules related to signage, as well as your ability to host special events during certain hours.

The best way to get answers to these questions is to work with an experienced commercial real estate broker who is familiar with local laws as well as the area where you’re looking to locate your business. Never be afraid to ask your broker lots of questions related to the location to be certain it is right for you.

2. Ensure that your space meets the needs of your customers

Do you have any idea of your target buyer? What do they do for a living? Where do they work, live, and play? You need to find a retail space that’s easy to see and access, especially if you’re catering to either an especially older or younger clientele. For example, young parents may like a location with ample parking close to your store so that they’re not forced to walk long distances.

3. Great location will save you on advertising.

One of the best reasons to open a retail space in a great location is for the exposure. Advertising is likely one of the most expensive aspects of any businesses marketing budget and if you can get loads of free exposure from your business location, you’ll be ahead of the game. Each person who enters your store as a walk or drive-by can turn into a long-term customer that you never required any advertising dollars to acquire.

Conversely, if you can’t afford a prime location, you’ll likely need to dedicate more resources to advertising to help educate your target audience about where you are located.

Partner with Morris Southeast Group to find the perfect retail location

Finding the perfect retail location in South Florida can be difficult without someone who is well-versed in the area. At Morris Southeast Group, we’ve been helping business owners secure high-profile retail locations for years. To learn more about our experience and get recommendations for your business, feel free to reach out to our team today by phone at 954-474-1776, reach Ken Morris on his cell at 954.240.4400, or email kenmorris@morrissegroup.com.

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