October 23, 2019
Getting the perfect lease for your new retail location is much more than scoring the cheapest rent or finding the nicest storefront. There are many aspects to finding a perfect space for your business, and some of these important things can help boost your sales and save you time. If you need to know how to find the best retail space for you, make sure you’re considering these four vital aspects to renting for retail.
4 Things To Consider
There is plenty of retail space for rent in Denver. Choosing the best one, however, will take a little bit of thinking. When weighing your rental space options, consider these four key points before making a decision.
What part of town does your target audience of consumers typically spend their time on? If you’re aiming for a certain crowd, make sure you’re looking at rental opportunities in their preferred shopping areas.
You can do the same thing for your marketing, if you can’t rent space in the best zone for your audience. Place your main advertising in their frequented areas to attract attention to your actual location.
The Price Point
Chasing the cheapest rent may hurt your chances at success if your merchandise is in a much higher dollar range. You want to try and match the economic class of the area you’re located in. Having merchandise that is much higher or lower than the rest of the retailers around could affect your ability to reach your audience and encourage sales and advertisement.
In other words, you want to blend in a little economically. This will also be useful to you when it comes to hiring and paying your employees. Paying lower than other businesses around you could hurt your chances at becoming, and staying, fully staffed. If you pay higher, you may have more luck with staffing than your competitors, though.
Take a little bit of time to consider the future for the locations you’re considering renting. Is there a lot of plans for construction in your area? Is expansion and growth coming your way? How close is the nearest highway, and what are your marketing options for each potential space?
These questions may seem obvious, but they’re very important to the final decision making. Knowing that your audience can reach you easily, your marketing will be visible, and there is no future plans that could affect your foot traffic will help make the best choice crystal clear.
Do you know who the competing businesses in your area are? Make a mental map of all the retailers in your industry that are within decent distance from you. Setting up shop directly by a competitor could have a negative affect on your sales and progress.
Look around at the businesses around the rental spaces you’re considering. How needed is your service in each area? Follow where the demand leads, and you’ll see the best business in that location.