Six factors determining the choice of retail space

If you have ever rented office space or warehouse space, most of your knowledge does not apply to commercial space. Instead of looking for a place for office work or store your products, you need to focus on getting people to choose precisely this location, not the other.

Traffic

Most shops live and die due to traffic. The more cars or pedestrians moving through a given space, the more likely is your undertaking to succeed. This is why we often see unattractive

Access to the premises

Although traffic is important, making sure that customers can easily get inside the store equally important in retail. Pay attention to how people can enter and exit any of the offered business premises. Seemingly insignificant things like whether a nearby intersection has a left turn lane or the number of entrances to a store may have a big impact on whether people stop and come in or go to a more comfortable place.

Also, keep track of commuting patterns. A cafe located on the side of the street that people take to return home in the evening, will probably have much less morning traffic than the one on the way to work.

What is more, remember about parking space. The number of parking spaces is important for an office building, but in the case of a shopping center, customers also expect easy in and out.

Other tenants

Most customers love convenience. They want to be able to take care of many things in one place. With that in mind, look for places where other retail outlets and services that may be of interest to you are located. People going to the supermarket and dry cleaners, may also stop at for example, a pizzeria.

Demographics and psychographics

The type of people living in a given area may also have a significant impact on the success or failure of your business location. The children's shop is likely to fit well into a neighborhood filled with young families, but it can fight for survival in the midst of retirees or young singles. For those with lower incomes, a discount store with attractive sales will also be more suitable than a luxury gourmet delicatessen. Professional advisors can help you identify the key features of your area.

Shape and configuration of space

Layout of space in offices and warehouses is important, but with commercial space it has a significant impact on profitability. Customers prefer broad, glass fronts, while most retail outlets are deeper than wider. This is the reason why the promotional offers are usually placed in the back of the store to force customers to pass through the entire area, hoping they make more purchases.

Other factors

At this point you probably noticed that we did not discuss rents or the size and quality of the building, like we usually do. These factors are of course also very important when leasing space and signing commercial lease contracts. While choosing low rent may be an advantage for an office, for retail space it will not be possible to generate enough transactions to make a profit, if it is located in disadvantageous surroundings or on the wrong street.

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Six factors determining the choice of retail space

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