How to find retail space for your business
In retail location really is everything. Whether you're on the
high street, in a retail park or in the suburbs your location
determines not only how many customers you get but it also helps
define the image of your business. This guide helps you work out
exactly what you want from your retail space and how to find the
right location for your business.
- Your property specification
- Do your research
- Retail clusters
Your property specification
Before you start to search for retail property you need to work
out exactly what you want from your retail space. Make sure you
think about the following areas:
- Does your business have any special requirements, for example
will your premises need modifying and if so will you need to get
- How are customers going to get to your premises? Is it serviced
by amenities such as bus and train links, and does it have adequate
parking for your customers?
- How much space do you need both now and in the future? Do you
need premises with expansion space?
- How much you can afford to spend? As well as leasing costs you
need to factor in maintenance and running costs.
Do your research
Make sure you thoroughly research any potential locations. Spend
time in the location and find out for yourself who visits the area
and what kind of traffic local businesses are getting. For example,
i you're looking at an outlet in a retail park you have to balance
the benefits of guaranteed foot traffic against the premium
- Find out if the location does any marketing to support its
tenants; this is often the case with retail parks. It's also worth
investigating whether there are any grants or available if you
choose to locate your business in certain areas.
- For more details on the various grants and support packages
offered search the
Business Link grant and support directory.
It might sound a bit odd, but sometimes it pays to be situated
near your competitors. Clusters of shops selling specific types of
products can work well to bring in customers who know that they're
likely to find what they're after simply because there's so much
choice. This approach has worked well for sectors such as
bookshops, antique shops and jewellery stores.
- Check out what kind of businesses are in any area you're
planning to move to - do they offer complementary products or
services and will it benefit your business to be part of this
cluster of similar outlets?
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