If you are in the market for a new retail location for your business, there are so many things to take into consideration. Everything from the geographical location and accessibility to foot traffic and parking need to be taken into account. Location and amenities can make or break a retail business, so choosing a location shouldn’t be taken lightly. Let’s look at some major factors to consider when choosing a retail space.
While location isn’t the only thing that matters, it does matter a lot! The location of your retail store can have a huge impact on your business and its success. The location of your store should be easily accessible to your target customers while staying within your budget. Location is one of the biggest factors in pricing, so you’ll want to balance location with budget to find the right fit. Is the location right in the middle of all the action, but way above what you can afford? Maybe going a mile or two down the road will allow you to have a location that is both accessible and affordable.
The visibility of your location also has a big impact on foot traffic. If your business relies heavily on shoppers simply walking by and being drawn in by your window displays, you’ll need a very visible location. More specific businesses, such as auto part stores and specialty retail shops tend to have less pop-in customers, so those businesses may not need to focus on finding such a busy or high-traffic area to open their business.
Parking is another huge factor to consider when looking for a retail space. Is parking easily found and free of charge? Is there enough parking for the building, or will shoppers be waiting for spaces to open up? Unless you find a location in a large shopping center where people will happily pay for a space, you may want to look for a location with ample free parking. You want your store to be as easy to access as possible.
Finally, you want to choose a location that your target customer will frequent. A boutique, for example, would do better in a shopping or town center that has similar, but not the same, stores. If your shop is located in an area with very little other similar shopping, your customers will be less likely to stop by. For more specific shops, this doesn’t matter as much, because your customers will be coming specifically to your store for a very specific product.
Find the Perfect Retail Space with Tomarchio Enterprises
Choosing a good location can be what makes or breaks your retail business. At Tomarchio Enterprises, we offer commercial leases in Carroll County for businesses of all sizes and types. We’d love to help you find the perfect location for your retail business. Give us a call today to get started!