10 Tips on How to Choose the Best Retail Location
1. How many of your competitors in the same area as the retail location that you are interested in? If there is any competitors around the local area location then you don’t want to move there. You want a retail location that isn’t near any of your competitors.
2. Is the retail location the right area for your company? Depending upon what type of company it is and what products that you sell or services that you offer. You need to have your company in a retail location that does surround other companies that would attract customers that would also be interested in visiting your company too.
3. Is the retail location large enough for the company? This is important since you don’t want to run out of space for products. You want enough room for your inventory. You want to make sure to get a location space bigger than what you usually need so the company has room to expand the inventory.
4. Does the retail location has any issues with the landlord? Does the location always needs new renters every few months? Make sure that the place that you decide to have a lease at for retail location does manage to keep enough other companies around in the complex long enough. You don’t want to rent a place where companies are always moving out constantly.
5. Does the landlord require the every business in the complex to have a certain hours of operation each day? Be careful about this. You don’t want to get stuck in a shopping mall or other complex outlet that requires each business to stay open a certain amount of hours each week. Don’t move into a location that requires your business to stay open a certain amount of hours each week since it will cost your company more money.
6. Is the price reasonable for the location? Is it price affordable each month? Take this into consideration. You don’t want your company to end up paying more money each month for a retail location when you might not be able to afford it. Be careful and make sure to stay in a price range that is affordable.
7. Do you like the terms of the lease? Is the lease reasonable? Make sure to read the lease carefully. Always have a lawyer look at a lease before you sign it. Make sure that the deposit amounts are reasonable. You don’t want to get stuck in a long term lease just in case the complex building has major issues such as health codes violations.
8. Do you like the color of the walls? It is important that you like the color of the walls and the outside of the building that you would signing a lease to move into. You want to be impressed with the place that you having your business move into.
9. Is the location in a good part of the city? Make sure that your business location is in a good part of the city. You will generate more sales when your business is located in a good part of the city. You will generate more traffic from customers in the higher income range in the good part of the city.
10. Is there enough parking for customers? Take this into consideration. Is the building easy to drive to? Make sure your business is in a easy location for everyone to drive to without having to deal with a ton of traffic. Is the parking lot in good condition? This is important since you want customers to have a happy time when visiting your company.
