There’s a lot that goes into running a retail business, and it can be difficult to keep on top of everything. If you’ve noticed a downturn in business, then you may be thinking about moving. Here at Tomarchio Enterprises, we’ve been providing our commercial retail real estate services to Maryland for years, and we wanted to take some time today to talk about a few signs it’s time to move your retail store.
Sign #1: Decreases in Foot Traffic
Any successful company knows the minimum amount of sales they need to make, and the minimum number of customers they need. If the foot traffic in your current retail space has decreased, then it may be time to move. Things like crime and what other stores are around you can affect your level of foot traffic. There are many different reasons that foot traffic may decrease in your area, but if it’s happening consistently or steadily, it might be a good option to find retail space in an area with a higher number of potential customers.
Sign #2: Rising Rent
Landlords can raise the rent at any time, and if your rental cost rises too high, it could force you to seek a retail space elsewhere. If rent increases, you shouldn’t necessarily run to the hills, since it all depends on what the rent is relative to your revenue. Sometimes increases in rent are justified with increases in foot traffic and business, and if this is true for you then your revenues should be increasing as well. Keep track of your rent costs, and compare it to your revenues, and if those two numbers are too close together then you may need to look for a new retail space.
Sign #3: Talk to Your Customers
The most important aspect of your retail space is how your customers perceive it. You want your space to be welcoming and inviting to whoever your targeted audience is. The best way to make sure your customers like your space is to just ask them! Ask them things like, were you able to find us easily? Or would you prefer our store to be in a better location? If a majority of customers tell you that they aren’t happy with your location, then it may be time to move on.
Work With a Professional Maryland Commercial Real Estate Company
If you have any questions about moving your retail space or any kind of real estate question at all, give us a call. We’ve been providing our real estate services to Maryland business owners for years, and we’d love to help you too. Don’t worry about dealing with this problem alone, we’re here to help.