We’ve all heard the mantra about buying a home, “location, location, location”, but did you know that those rules apply to commercial real estate? Choosing the right shopping center has the power to make or break your business. Even in an era where people can buy and sell products and services online, a brick-and-mortar location still plays a significant role. Here’s why choosing the right shopping center is important.
Attracting the Right Customers
The shopping center you choose will determine what kind of customers your business is exposed to. For example, if you choose a shopping center with various luxury stories, the type of clientele your business will be exposed to is very different from those who frequent a flea market shopping center. There’s nothing wrong with either location, but it’s up to you to determine who is your target market and choose a shopping center location based on that.
Expenses vary by location. Typically, locations guaranteed to bring in a stream of customers are the priciest locations to set up shop. Locations that are less than ideal tend to have cheaper rent or a lower price for the land. The great thing about shopping centers is that you benefit from their advertising budget. Always shoot for the best shopping center you can afford because choosing a bad location may save you money, but it will cost you business.
Convenience and Safety
Customers will happily visit your business for must-have purchases. However, when you’re just starting out, it’s better if customers don’t have to go out of their way to do business with you. If you’re running a brick-and-mortar retail store, choosing a shopping center where your target audience already shops will make it easy for them to spend money with you. You also want to choose a shopping center that feels safe, especially if you’re open late in the evening.
Even if you do everything else right, your business will lose business if prospective customers cannot locate it. Businesses that are located in areas that see a lot of foot traffic tend to be more successful than those tucked away in industrial parks and other frequented areas. One thing to keep in mind when choosing a shopping center location is that you want to be placed in an area that is close enough to your customer base for them to see your business and reach it easily.
Find the Right Shopping Center Location with Tomarchio Enterprises
Tomarchio Enterprises has been helping business owners like you find ideal commercial spaces for years. As an experienced and respected broker, we can find you a retail space that helps you succeed. Our portfolio of available spaces at shopping centers is constantly evolving, and we guarantee we have the ideal space for you.
Contact us today to learn more.