The right location for your retail business is a major consideration, especially if you are opening up for the first time or moving due to expansion. In both cases, you need to consider a number of things before settling on a retail space.
At Roger Hannah & Co., as a team of experienced property agents, we are experienced in helping you find the perfect retail property, whether you are buying, leasing, or even selling. We have the expertise to assist with all of your property needs. With that in mind, there are a few key things to keep in mind during a retail property search.
The Customer
The people buying from your retail store are at the heart of most of your decisions, but especially choosing the right retail space. Research your customer base thoroughly before settling on a location. Demographics will have a big impact on retail size, location and even the way you decorate the space.
Goods
What products do you sell? Some products will require certain facilities or even a specific location in order to be sold. The type of store that you are aiming to be is also important. Will you be a convenience store, a shopping store, or a specialist shop? This will have a big impact on your location.
For example, a convenience store will require easy access as many customers will want to make quick purchases. Goods are typically lower priced in such stores. Whereas, a specialty store on the other end of the spectrum will have much higher-ticket items. Customers will typically go out of their way to make purchases at this type of store, as products are often unique or hard to source elsewhere.
The types of goods that your store carries will require a careful choice of location in particular. A convenience store relies on foot traffic, so a location off the beaten track would not be beneficial. Which is why this should always be one of your first considerations.
Accessibility and Visibility
A good retail space needs to be both accessible and visible to customers. What does this mean? Well, it generally means that a location should have good foot traffic, links to public transportation, ease of access for deliveries and adequate parking. These factors can all affect the number of people who come into and buy from your store, so it is vital to keep them in mind.
Visibility is also something that you will want to ensure. Consider a retail property from the perspective of a customer. Is it visible from the flow of traffic? Will your signage be easy to see? The more visible your store is, the better levels of traffic it will attract and thus need less advertising.
Neighbours
This may seem obvious, but setting up shop in a retail space next door to your biggest competitor is not advised. Ideally, you want your retail space to have neighbours who bring foot traffic to the location but who will also not detract from your own sales.
Take this very simplistic example: a shirt shop would be an ideal neighbour for a trouser shop, as it would prompt the customer to perhaps buy a full outfit while in the area. Being closely located is beneficial to both retailers in this case. Of course, such a relationship is not always possible with your neighbours when choosing a retail space. But, at the very least, not positioning yourself near a competitor is always ideal.
Here at Roger Hannah & Co, we are aware of the unique needs facing those in search of the right retail space. Our specialist team is always prepared to help with your property needs. Simply call 0161 817 3399 or fill out the contact form for a confidential discussion regarding your property.