As a retailer, selecting the right size of retail property is often important in terms of corporate fit; you know the format, standard cost of fitting out, how many staff to recruit and the likely volume of sales generated from a certain trading area. As important, if not critical is the location.
From the outset, a poor location will mean poor sales. So, how exactly do you select a good location for a retail property?
- Understand your audience and target market.
- What age group are you catering to?
- Do your customers live near that area?
- Do your customers walk or drive to your property. If they will be driving, is there enough parking near the retail property location?
If you are looking for a retail property then you can assess how other retailers are currently trading. You may already have contacts in the retail trade and they might give you some valuable information about the area and an insight into spending habits of the local community.
Assess your competition in the particular area too. If it exists then you will have to rework your strategy to see how you can attract business towards your retail property. Analyse how tough the competition really is and if the competition is too fierce and you do not provide unique offer then are you better off going elsewhere?
If you are inexperienced in making location decisions and negotiations then you should contact a specialist commercial property agent or chartered surveyor with retail expertise, who can point you in the right direction, help you locate the best retail property for your business and then advise on the most appropriate terms of the lease for the property in question.