Congrats! If you need retail space, that means you either have a new business or your business is doing so well you need space to house its awesomeness. After the high of deciding that you do indeed need retail space, comes the dread of actually finding it.
To ensure that you find the best retail space for your needs there are a lot of factors to consider for site selection. Since every retail business comes with it’s own set of needs, there is no “one size fits all” list. However, there are specific factors that are always of top importance. Retailers who research the below, before signing on a lease’s dotted line, are ensuring success for years to come.
[bctt tweet=”Searching for #retail space? Consider these factors or you may be sorry. #CRE”]
Accessibility and Parking
Yes, location is everything, but how easy is it to get to that location? When doing site selection for retail space, pay special attention to the ingress and egress. How easy, or hard, is it to get to your store? Also, what sort of traffic does your location get? Make sure to note traffic patterns.
Another particular point to pay attention to is parking. You want to ensure that not only your customers have a place to park their vehicles, but that those spots are in good condition, and easily accessed.
Where is your retail space located in conjunction with other businesses? Is it close to a big box anchor (i.e. Target, Wal-Mart)? What about your competitors? It’s a must to research where your competitors are located, you never want someone to be forced to choose between you and someone else.
Another factor to consider is if there are sites located nearby that house large groups of people, like a ballpark or fairground. These locations often provide a great flow of traffic, either before or after an event, and should be considered.
Signage is one of the most negotiated points in commercial leases and it’s one of the most important. Make sure to pay very close attention to the signage availability of your potential retail space. Is signage offered just on the façade above the storefront? Is it available on pole or pylon signs for a shopping center as a whole? Do your due diligence on this point or you will be wishing you had.
It is important to understand who is in the area of your retail space. Yes, you know your customer, but are they where your want to plant your flag? Pay attention to the population density and the economic and business diversity of the area. It’s also a good idea to think about what lay ahead for the future growth and development of the site.
Conclusion to Finding Your Retail Space Site Location
When doing retail space site selection, the more research you do, the better. In order for your business to be successful, it needs to be in the right location. The right location is one that meets all of the factors (and then some) listed above. In order to ensure that you have covered all your bases, it’s a good idea to reach out to a commercial real estate expert who can help guide you through the entire retail space selection process.
[bctt tweet=”The most important factors when performing #retail space site selection. “]
About Us – The team at SVN/Graham, Langlois and Legendre has over 99-years of combined experiencing helping clients across the Baton Rouge area get the most value out of their CRE investment. Contact one of them today with any questions you may have and start seeing the returns in a market that will make sure to give today, tomorrow and for the extended future. To reach us, you can call us at 225-367-1515 or you can send us a message on our website. You can also follow us on Twitter at @svngll or on Facebook.