Choosing the best location for a retail lease space is a complicated process if your goal is, indeed, to find the absolute best location. The points we make below will help you as you begin your search.
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Now, let’s look at seven points of consideration as you prepare your all-important search.
TYPE OF STORE YOU WANT TO HAVE
The type of retail store you have will help a bit in determining location. For example, a small convenience store would not look for the same location as a clothing store or a pawn shop.
DEMOGRAPHICS of retail lease space
Who is your target audience for customers? Knowing the answer to that question will go a long way in determining location. Where does your target audience most often shop? Which parts of the city are they most likely to visit often? Teens do not have the same traffic flow as retirees, and retirees do not follow the same traffic flow as work-from-home adults.
What type of employee are you looking for? Will they be readily available in one area as opposed to another area? This may not be a factor for you. You may not have to worry about it at all. But it is worth considering.
BUSINESSES NEARBY AND COMPETITION
Try to find an area where similar-types of businesses are located . . . not the same type of business, but one which is related to your business i.e. a pawn shop near a payday loan company, or a shoe store near a clothing store.
As for competition, we have heard it said that you should determine who your biggest competitor is, an then locate near that competitor. Don’t avoid them. If they are your biggest competitor, people are going to shop there, so you might as well be close by so potential customers will see you when they visit the other. In other words, never run from competition; find a way to make it work for you.
Will you rely heavily on foot-traffic? Is your product such that people will drive a considerable distance to find it, or do you need a good flow of auto traffic going by your business?
Accessibility is usually a good thing. You want it to be easy for people to find your retail store, and you want it easy for them to access it . . . unless . . . you have a unique product, one in high demand, in which case location may not be important at all.
For most retail business owners, the cost of retail space for lease is an important factor, so we will assume, for this article, it is for you as well. How much can you afford to pay for retail space for rent? You don’t want to break the budget by paying too high of rent, but you also don’t want to find a great “deal” which is so far off the beaten path that no one will find it.
A WORD ABOUT RDS REAL ESTATE
RDS Real Estate is locally owned and operated, rockin’ in in the Fort Worth area. If you are looking for quality retail space for lease in the Fort Worth area, we absolutely guarantee that we can find the commercial property for lease you need at a price you can afford. Call us today!