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How to Select the Ideal Retail Spot for a Business
Posted By: hierh2dm;
Category: Business, Finance & Industrial;
November 26, 2008
Things to keep in mind when searching for a retail spot for your business.
1
Location, Location, Location! It is a commonly used phrase because it is true. You ideally want to be located in a safe, good area with potential customers near by. You also want to make sure that wherever you business is located, it is very easily accessible
2
The rental terms of the lease are the most important. Make sure you have a lawyer look over the terms and negotiate anything you may not be happy with. The length of the lease is also very important. Many commercial leases try and lock you in for a seven to ten year term. Be very careful when committing to anything over three years. The economy can change quickly and you need to have a viable escape route if things do not work out.
3
Parking is a major issue that people often overlook when selecting a retail spot. It is very important to have sufficient parking. Make sure to go to the shopping center during peak hours and look at the availability of spaces. It is also important to have adequate lighting in the parking lot. Go back to the space in question and see if it is well lit if you plan on being open during night time hours.
4
Although a retail spot that has good signage most likely costs more per square foot, it is often crucial to the success of a business. It is hard to get customers if they can not find you. If you are debating between the cost of two places, factor in the amount of advertising dollars you will have to spend to make up for the space that is less visible. It adds up a lot faster than you may think
5
Always compare your type of cliental to the cliental of the other stores in the shopping center you are looking at. If you select a place with surrounding businesses that appeal to your demographic of customer, then they help do a lot of the advertising for you. If they can bring people to their store, then those same people by default will see your business when they get there.
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