Locating the perfect parcel of commercial real estate for a successful retail business can be difficult, especially in competitive markets. The best candidates will be locations that will best help retail businesses satisfy existing their existing customer base while actively helping to attract new ones.
Whether you are looking to establish a new retail business or expand an existing one, the search process you use is critically important for success. While looking at properties for lease, retail business owners can choose to consider the following numbers to help them get the most benefits from their future location.
Vehicle traffic counts
Attracting new customers is the lifeblood of any retail business and positive traffic counts can help. In addition to the traffic that travels streets adjacent to the location, it can also be helpful to consider giving priority to properties that offer the best opportunities for displaying high-visibility signage or logos.
Like positive vehicle traffic counts, businesses can also benefit from locations where sidewalk traffic numbers are good. Retail properties located near outdoor cafes, parks, green spaces, and nearby businesses that complement your own can offer more potential for attracting passing pedestrians and turning them into loyal customers.
Number of parking spaces
Convenience and ease of access are high on the list for most customers when they are planning a shopping trip. Retail business owners who can find a retail location that offers an ample number of convenient parking spaces can enjoy more frequent visits from those customers who want a convenient shopping experience.
In addition to the number of parking spaces offered, retail business owners should also look closely at the quality of the parking offered by each potential location. Leases with parking lots that are well-maintained with good lighting should be prioritized over those that have safety or condition issues.
Costs associated with the lease
The last category of numbers that must be considered are those associated with the lease. In addition to the amount of the lease payment, business owners will want to consider whether the property owner is willing to cover any of the necessary repairs or renovations or other costs associated with the lease.
Retail business owners will also want to pay attention to details regarding lease renewal fees and whether any additional fees or expenses will be due at the end of the initial lease period.
Working closely with a reputable commercial real estate broker is the best way for business owners to streamline their search process and secure an affordable lease on a great location for their retail business. Contact a retail commercial real estate agent for more information.Share