Buying a property with siblings

How to Choose the Right Location and Building For Your Retail Business

17 August 2017 by Sean Simmmons

The old real estate adage, "location, location, location," is still very applicable today, and especially for a retail business of any sort. A store or restaurant needs to be easily accessible to customers, as well as being the right size for your particular type of business. No doubt a good real estate agent can help you to find the best location and building for your business, but note a few details to look out for before you even start touring buildings for sale or rent.

Know your customers

It seems simplistic to say that a business owner should know their customers, but many business owners fail to do this; or example, a coffee shop that offers limited seating will usually appeal to workers on the go, so it should be located near an office complex. On the other hand, a coffee shop that has a dessert menu and ample seating might be located closer to a residential area, as its customers may be more likely to come in after dinner or on a leisurely Saturday afternoon. Choose a location based on the overall lifestyle of your specific customer, and you'll have more of them through your front door!

Know your needs for the inside

When choosing a building for your retail space, know your own needs for its inside. Retail real estate is often very expensive, so you want to carefully consider how much room you need for storage, an office, an employee break room, and the like. At the same time, you never want to store materials and equipment on the sales floor, as this is very distracting and unsightly. Be sure a building offers lots of room for customers to easily make their way through sales racks or dining tables, and that the walls offer lots of space for advertising and signage.

Exterior appearance

The interior of your store is important, but so is the exterior. A storefront should have large windows so that potential customers can see inside and feel comfortable stepping through the doors; this is especially vital for retail stores, as passersby might see your inventory through the windows and want to stop in. Consider, too, how customers will access the business; is there adequate parking and easy access in and out of that parking area? Is the parking located right outside the building, or is the closest lot too much of a walking distance away? Think of the building's exterior as a customer would, and this can ensure you choose the right location for your business.

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