Location is everything. Especially if you’re looking to make a profit in this economy. So before you set up shop, you need to know you’re in the perfect location for your new store.
There’s plenty of competition, and the difference between success over your competitor and business failure could easily be where your business is located. In order to find the ideal location for your new retail store, read on to learn a few tips and tricks.
Check Local Demographics
Always check area demographics for your location. General household income, age, or type of family in the area are all easily found online. And this information is vital.
Consider, for instance, setting up shop as a clothing store that caters specifically to teenage girls. It wouldn’t be smart to pick a location where the average age is 65.
By using demographic information, you can make an educated choice on where to start narrowing down your choices. But there are some other things to consider as well…
Find a Destination Shopping Center
Believe it or not, one successful tactic to selecting real estate revolves around going where no one else is located. This makes your shop stand out a lot more so long as you have other complementary stores in the same complex.
We call these shopping centers desert locations. They are erected in an area where the closest shopping center is easily a 20 minute drive. The new center essentially becomes a destination in and of itself offering everything from groceries to greeting cards.
Looking for a destination center offering space for lease in Maryland? Check out Tomarchio Enterprises, this is our specialty!
Move Close to Competitors
Competition makes the economy go ‘round. Your competitors may have already done the research on the local demographics, and they’re in-the-know about how to make the most out of their location. By parking yourself close by, you’re marketing off of their success.
Obviously, this doesn’t mean open up a show next door. But if there is a successful up-scale grocery store in a town, that would hint that the demographic is interested in these types of foods. And it could potentially hint that they may be open to a secondary option.
Investigate Your Landlord
When renting a space, your landlord is going to be the most important person involved. Don’t leave any detail unchecked; interview them, and make sure they have your best interest in mind, even when they’re looking out for themselves. A landlord should be dependable, punctual, and helpful in all respects. In order to better support yourself in this endeavor, find the right real estate agent that knows exactly what you need to succeed.
Are you trying to find the perfect space to lease for your new retail location? Tomarchio Enterprises is here to help! With superior customer service and insightful knowledge of the leasing market, we’re able to find you the most profitable space for lease in Delaware and Maryland. Don’t trust your business to anyone else. Call today!
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