- November 23, 2017
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We’ve all heard before that location is the number one priority when searching for real estate and this fact isn’t any different when you are talking about retail space. The location of your business is integral to its success. You are doing yourself a huge disservice if you choose to bypass the process of researching the available options. Knowing what to look for pertaining to your particular business is extremely important. Make sure to get clear on the following points before making any rash decisions.
Focus on Your Brand
Although this may seem like it has little to do with finding the perfect retail space, it is actually quite an essential component. Question yourself on things capable of helping you clarify the ideal niche for you. What are the key selling features of your product(s)? What vibe or tone are you trying to create in your retail space atmosphere? The answers that you come up with will greatly help you to determine your target market and hone in on that particular demographic.
Research, Research, Research
You need to know the exact percentage of the local population that meets your criteria. There are several companies and websites that can help you analyze the demographics of your new retail space. The cost for this could mean the difference between failure and success, making it well worth the additional cost.
Get Familiar with the Area
The needs for your retail space will vary depending on what sort of retail business you are trying to open. It’s good to know what you are up against in your environment. A new company relies heavily on foot traffic. Making sure that your business is visible to passersby and easily accessible will also be imperative.
If you are opening up a business in an area that is largely seasonal, you will want to make sure that the place you choose has enough year round local traffic to keep you supported. Considering a business that will be opened into the later hours? You will want to make sure that the area is safe and well-lit at night. Planning on doing a high volume of business? Checking to make sure that there is adequate parking available will be a necessity. Above and beyond all that, you will need to check with local zoning department to ensure that the property you are considering is zoned for your particular type of retail business.
Don’t be Afraid of the Competition
If you notice that there are similar businesses nearby, don’t run scared just yet. Competition can be intimidating, particularly when your business is new. Always keep in mind that there is a reason that this other business is thriving. Save a bunch of footwork and associated costs by being proactive. If you are willing to take a leap of faith and give them some healthy rivalry there’s a good chance it could pay off. A show of confidence in your new business shows the consumer that you have 100% faith in your product.
Negotiate Your Lease
Once you’ve found the right retail space for your business it’s time to take a look at your leasing options. The length of your lease is usually a good place to start the negotiation process. If you are a new business, in particular, this is a big factor. A shorter lease will give you the flexibility to walk away if you need to. However, it comes with the risk of a potentially large rent increase when the term is up. A longer lease could lock you in at the lower rate, but also for a longer time. Also consider any associated costs that will be incurred to make the space move-in ready and suitable to your needs. If costly repairs will need to be done, consider negotiating them into your contract as well.
Looking for Retail Space in the Baton Rouge Area?
If you are starting your search for the perfect retail space in or around the Baton Rouge area, let SVN| Graham, Langlois & Legendre work with you. With our team of dedicated advisors and a huge database of properties available, we are confident that we can help you find the retail space that suits all of your needs. Search through our properties today and reach out to us to get started.