Top Six Things To Consider When Shopping for New Retail Premises
- Location: you want your new shop floor to be in the best place for footfall as well as being the only shop in your industry insight. That said, it makes sense to rent your new space on the high street or in a retail park. If you’re going for a retail park, make sure you’re the only shop selling what you sell. Otherwise, you’re better off looking elsewhere.
- Customer Access: is your new shop accessible to customers? Or is it a mile down the road from the car park, nowhere near a bus stop and impossible for wheelchairs and prams to manage? The more accessible your shop is, the more customers can shop with you. It also gives your brand a fantastic reputation.
- Flooring and Fixtures: what kind of flooring are you going to need? Is this already laid down, or are you going to have to factor that into your budget? If you’re laying floors, it’s essential to seek out proper retail floors and not just any old floor. Retail floors are designed to accommodate long hours of use and are easy to clean. Don’t forget to check what fittings and fixtures your new premises have too, and source what you need from an expert provider.
- Timing: timing is everything in business; that’s well-known. But it is also crucial when looking to buy or rent new premises. Pay attention to property prices and anything that might affect those like politics or other concerns. It’s also worth keeping an eye on the local area’s shopping trends.
- Marketing opportunities: what opportunities are there to market? Do you get access to a billboard? Do you have a blank wall facing a road you could put your own billboard on? Scout around when you’re viewing properties for any marketing What other businesses are nearby? Could any of them become a customer of yours? What kind of staff do they employ? If you sell beauty products and your neighbour’s shop is mainly staffed by women, you will have your target market right next door every day. That kind of opportunity is too good to lose!
- Staff parking: where are your staff going to park? You don’t want employees struggling to park and being late for work, but likewise, do you really want them taking up customer parking space? Is there a bus or train station nearby for anyone commuting in? You could look at other things relating to your staff when you visit properties: is there a small shop for lunch and drinks, is the location accessible to many across a wide area?
There are lots of things to consider when you’re looking for your next branch location, but tick some of these off, and you’re bound to get the best new property.