subject: Finding The Right Building For Your Retail Business [print this page] Before you decide where you are going to place your retail store, determine how the products you are offering are going to fit in with the surroundings of your location. You wouldn't place a Tiffany & Co. jewelry store in a small mining town; because the odds are the local patrons won't buy their jewelry there.
If you are trying to open a high-end clothing or jewelry store, pick a location where people who would buy the kind of products you are offering are. Try something like a location in the city where there are lots of office buildings and expensive stores surrounding it.
This location ensures that businessmen and women, who typically have a higher salary, see your store. They may stop by after work or on the weekends when they are in the area shopping at the other stores near-by. A city- center location is a great place for someone who is trying to open a more expensive retail store.
If you are trying to open something like a trendy or vintage clothing boutique or an antique shop, a downtown location would be most logical. In just about every city, the downtown area is full of old shops that have been there for years, small cafes and local businesses. This is where the young artsy people are going to hang out.
A downtown building that is amongst all of this life would be perfect for a store geared toward attracting the artistic population. Having some kind of trendy, vintage, or antique shop would welcome in many customers from the street who are walking around window shopping.
Large retail chains like Macy's, JCPenny, Old Navy or Gap should be placed in a shopping mall or large shopping complex. These typically house similar clothing franchises and the customers who shop at these locations are more likely to shop at your store as well.
Large clothing franchises do very well in malls and shopping complexes because the population of teenagers and young adults like to get all of their shopping done in one location; it is quicker, easier, and more convenient. That is why you see so many younger faces buzzing around the mall on weekends.
The old phrase "location, location, location!" is spot-on accurate. Where you decide to put your business will greatly affect who comes to your retail store and how often they come. Make sure that you pick a central location that is easily accessible to the public you are aiming towards attracting.
Even if you have really fashionable clothes housed in a nice building, customers won't know you exist unless you are located in a place where you are easily visible. This is why location is one of the most important factors determining the success of your business; a poor location won't get you much business, but a centrally located building will get you a lot of business and a greater likelihood of walk-ins.
After deciding on the location, make sure you hammer out the lease or purchase agreements in a way that benefits you and your business the most. Using a triple net lease is a great agreement for a piece of property that you want to do a lot with, but don't want to tie down your equity in a mortgage loan.
The triple net lease makes you in charge of the property, from repairs, maintenance, insurance, and taxes. The landlord does not pay any out of pocket expenses, making him price the monthly payment at far less than other landlords.
Because you are paying to keep up the property, the landlord typically allows you to do what you want with the property. This means you can paint, put up signs, and anything else that you need to do to customize the space for your store. This is greatly beneficial for you, because you do not have to consult with your landlord on most of the things you do with the space.
by: Tommy Greene
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