When planning to open a retail store, the amount of selling space is one of the most important factors in selecting a location. If you choose a space that is too small, you won’t be able to maximize your sales. If you choose a space that is too big, you’re overspending on square footage. Here’s what you should consider when determining the perfect amount of space for your store.
The obvious thing you need to consider is the optimal amount of square footage. How much square footage can you afford without taking on too much overhead and without having a store that looks empty? Research the cost per square foot of stores that you admire and consider how much inventory you have. Compare your findings and determine whether you should look for similar square footage as your favorite stores.
How you want to display your merchandise should also affect your decision for square footage. Customers usually don’t like the look of items clustered together. However, they also don’t favor a store that had merchandise to spread out that it looks like the store is empty. Your desired floor plan may look good in certain square footage but not in smaller or larger square footage spaces.
Even though there is an optimal amount of square footage doesn’t mean you can always afford it. That’s why you take your budget into consideration. Once you determine how much square footage you need and how much it typically costs, select a budget and stick to it. Never get a retail space that you cannot comfortably afford. Look to an accountant to help you forecast how much you can spend on rent or a mortgage per month while still making a profit.
Location is another thing to consider when trying to determine the right amount of space for your store. Besides selling space, remember to factor in additional square feet for things like bathrooms, storage, stockroom, and more. High-traffic, popular areas are likely to cost more for less square footage. However, the high volume of customers may offset your want for a larger space. Shopping centers usually offer an ideal mixture of traffic and cost efficiency for space.
Find Your Ideal Space With Tomarchio Enterprises
The expert commercial brokers in MD at Tomarchio Enterprises are here to help you find your ideal retail space. We’ve become trusted by national and local tenants to find, as well as provide, retail spaces that work best for their business needs. Give us a call today at (410) 861-8320 to get started.