Is Location Really the Most Important Decision in Commercial Retail Space?
Location is the most important decision for commercial retail space. When planning the details of your new business, location may not seem that important. When looking for retail space for lease, put location at the top of your list. Even if you have the best product out there, if your clients can’t find you, your business may fail. The location of your commercial retail space will determine the level of success you will have in your new venture.
First, check demographics around available commercial retail space. Uses of high tech demographic analysis tools are available to help you with lifestyle data and traffic patterns for potential commercial retail space. Due diligence in the area of retail space for lease is very important. Look at age, income, households in the area, neighborhood traffic, highways, parks, industrial parks, schools and hospitals.
Second, where are your competitors? Experts say that the best commercial retail space to put your new business is close to your biggest competitors. These larger businesses have already spent the money to bring foot traffic to their location and you can take advantage of their marketing. Your competitor has already spent the time and money deciding the perfect location so why not benefit from their analysis when deciding on retail space for lease. Don’t be afraid of competition but be confident in your product or service. It is wise to make sure your competitor has made the right decision. How is their business doing? Are they getting the foot traffic you desire?
Third, get professional help. All new ventures need a lawyer and real estate broker. Negotiating can be complex and stressful. It is necessary to have a good real estate lawyer to help interpret the lease. A great real estate broker can help you find optional locations, write the contract, communicate with possible landlords and negotiate terms. An experienced real estate broker knows demographics, traffic patterns and trends in their market area. Business plan writers can also be of great help in coaching and consulting.
Fourth, be realistic on startup time. A lot of new ventures are not realistic on how much time and money they need for initial startup. This is one of the most common mistakes when acquiring commercial retail space for a new venture. You must take into account real estate broker fees, lawyers, zoning fees, startup supplies and wages. Depending on your product or service and location, startup time can be very different. Talking with other business owners can help get a more realistic perspective on location and startup.
Want to know what makes CMG special and unique in the world of commercial retail space and retail space for lease? We own several commercial properties ourselves and we know what to look for in commercial real estate deals. Plus, the CMG team will do whatever it takes to earn the trust and respect of our customers, vendors, investors, and business community. When you choose CMG, you can rest comfortably with the knowledge that all of your commercial retail space needs are in the hands of seasoned professionals.
Contact Jim Provost and the CMG team today to schedule a free consultation to discuss your commercial retail space needs: 707.575.5500.