Establishing a business in the retail sector is a hugely exciting experience. But that said, it can also be a little challenging too!
When it comes to setting up shop, choosing a suitable premises will be one of the most important decisions you make. After all, the right property can mean the difference between success and failure.
As expert commercial property agents in London, here At Prideview Properties, we know a thing or two about choosing the right premises for your business.
And to make this a little easier, we’ve put together a quick guide to choosing the right setting for your shop – enjoy!
The Property
When it comes to retail units, size matters.
Obviously, the larger the property the more you can expect to pay. But it’s always better to have too much space than not enough! After all, you don’t want your business to be stalled by cramped conditions.
So before you get started on your property hunt, make sure to take the time to think carefully about your space requirements.
As a handy tip, storage is one of the biggest square footage eaters around, so don’t forget to factor this in too!
Location, Location, Location
Okay, so it probably goes without saying, but when it comes to establishing a retail unit, location is key.
When choosing a suitable location, you will want to bear in mind three key factors: your customers, your competitors, and your suppliers.
It’s essential that you establish your business in an area where your customers can find you easily. With this in mind, you’re going to want to choose an area with good footfall. This will take some of the stress out of trying to drive all the traffic to the store yourself!
But beware, prime locations often come with a premium price tag, so make sure to take this into account.
Make sure to consider the level of competition in the area too. Always take the time to investigate how many businesses in the area are offering a similar service to yours.
But that said, not all competition is bad competition. In fact, a little healthy competition can actually be good for your business too.
For example, other stores may complement your business by drawing customers who are also likely to be interested in your venture into the vicinity of your shop.
Don’t forget about your suppliers either. This isn’t necessarily a major concern for all retail stores, but if your business is planning on utilising one supplier in particular, locating close to them could save you money on transport costs.
Do Your Research
It always pays to do a little research first. When looking at a property, take the time to explore the surrounding area so you get a real feel for the place too.
Getting a sense of the local area will help you to understand how well your business would fit in, if at all!
Think about the facilities you and your customers will need too, such as access to good transport links and parking space. Investigating whether the area is able to fulfil these requirements, before you commit to purchasing a property, could save you a headache further down the line.
So there we have it, some top tips for finding the right premises for your retail business.
Here at Prideview Properties, we have many years’ experience in the commercial property market, and can help you to find the ideal property for your retail business.
If you would like to know more about our services, simply contact us today by giving us a call on 0208 863 8680 to speak to a member of our friendly team.
