Searching for a retail space is an exciting time for any business owner. Retail locations have unique characteristics, so careful, thoughtful selection can make or break your business. But with these three considerations taken care of, you’re well on your way to a successful retail endeavor.
Location, location, location
You’ve heard this old adage before, but it’s worth saying again. There is no factor that will affect your retail business success more than location. New business owners with limited resources are often tempted to scrimp here, but the loss of business due to an inferior location often doesn’t justify the lower rent cost. In the case of my business, just moving up the block and to the other side of the street increased sales tremendously. Don’t underestimate the power of location!
Accessibility
When considering a retail space, consider how easy it is for people to find and get to. How’s the visibility and exposure from the street and/or sidewalk? Is there nearby parking for your customers? In general, if your business is easy to access, you’ll attract more customers.
Inviting Space
Any retail space should be well configured for your business. Make sure the space is open, large enough for your inventory, and well lit. And don’t forget about air conditioning. This might seem like a small detail at first, but on those sticky summer days, your customers won’t linger if you don’t have it.
Russ Towers is a Business Developer at Mountain BizWorks. He has over 20 years of commercial and investment real estate experience, and is the founder and a co-owner of Second Gear, a consignment shop that specializes in outdoor gear.
To receive one-on-one business coaching contact Mountain BizWorks at 253-2834. Learn more at www.mountainbizworks.org.
Do you have a business question for our experts? Send your questions to anna@mountainbizworks.org. We may answer them in a future issue.
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