Moving your business into a new retail space can be a hectic experience. On the one hand, you’re excited to be taking your business to the next level. On the other hand, moving can be a stressful experience especially when the new location is going to heavily determine the success of your company. That’s why we’ve put together this list of considerations when looking to lease a new retail location.
1. Shopping Center Visibility
A good location is the key to setting up a successful pop-up Great visibility is very important when it comes to leasing a space. There are a couple components that make up a shopping center’s visibility. First, you’ll want to look for a center that is located on a main road and is easy to both enter and exit. There’s nothing worse than trying to get into a shopping center with strange or limited entryways. Second, you’ll want to pay attention to the shopping center’s identity and signage. Whether it’s an electronic or standard pylon, signage will drive brand visibility and traffic to your location.
2. Your Retail Space Messaging
The sign above your door needs to be succinct, visible to the road, and identify what your business offers to the public. If you are a camera shop, camera should be a prominent portion of your sign, like PJ’s Camera shop in Pickwick Place. Some more examples include:
- Nuevo Tea
- Nelson’s Jewelry
- Pinemoor Pizza
- Avalon Beauty Salon
- Nail Tek
3. Foot Traffic
Foot traffic refers to the number of people who physically walk around a location. This metric is important for business owners looking to move into a new commercial space. The more foot traffic,, the busier and more successful a business will be. You want to look at the location as a whole to determine optimal traffic flow such as:
• Well-kept marked walkways encouraging traffic between store locations
• Beautifully designed seating areas
• Inviting Landscaping
4. Complimentary Neighbors
This is an important factor to consider when assessing a space. These businesses will be your neighbors for a long time.Tenant mix, co-tenancy compliments your needs and vice versa. Take a look at all of the businesses in the surrounding area and pay attention to the ones located in proximity to your potential store. Note the type of businesses, how much traffic they attract, and if their clientele lines up with yours. This is essentially a matter of synergy. In many situtations, similar businesses, that might be viewed as competitors, can actually generate more traffic for all tenants in a specific retail category.
5. On Premise Management & Maintenance Staff
An on-premises management staff is far more important than many business owners realize. While most issues may not be urgent, on premises management staff can make a big difference in whether a response is timely or delayed.
6. Check It Out At Night
Many people only think to assess a shopping center during the day. In the evening does the lighting serve to attract customers to a safe environment? Are walking spaces and parking lots well lit ? Good lighting can make all the difference in creating an inviting and secure shopping center environment.
7. Landlord Ownership
We’ve all either had a bad landlord or heard horror stories about difficult landlords. The first step to avoiding this mistake is to talk with your potential landlord. Ask the hard questions and listen to your gut. If something feels off, there is a reason for that. Do some research! Look at the owner’s website, do some internet searching, and talk to several current tenants to get a better idea of the management company and its philosophy.. Does ownership and the management company project that they have a vested interest in your success? The answer should be yes! The company should want you to thrive in their center, and that should feel obvious during any conversations you have with them. The biggest takeaways here are to have real, important conversations with your potential landlord and do your research!
8. New Tenant Programs
Think about how awesome it would be for your landlord to set you up for success. Well, some real estate management companies actually offer a variety of services to do just that! Madison Corporate Group, for example, has a New Tenant Program which was designed specifically to help new tenants succeed. This program includes marketing support to help you build visibility for your business in its new location.
9. How Is The Landscaping
Landscaping is a huge factor to consider for someone looking to lease a space at a shopping center. Landscape maintenance is essential to creating the right atmosphere to both compliment and sustain the retail businesses at a shopping center. Tak Look around for greenery and functional lawn spaces. Are there any benches or tables for customers to sit down and relax? Are the gardens well kept? Do the potted plants look bright and inviting? Are the spaces only functional for one or two seasons, or for most of the year? All of these questions will help you determine if the landscaping is beneficial or a deterrent.
10. Are There Events
Ask if there are any events that take place at or near your proposed location. Annual events can go a long way in drawing positive attention to your business. Not only will they bring foot traffic, but they can also communicate that your business cares about the members of the community. Talk with your future landlord about any event opportunities and make sure that you can get involved! It will go a long way in driving sales for your store.
We hope that these 10 tips will make your decision-making process feel a little easier. Finding the perfect place for your business is extremely important. We want you to make the best choice for your company. If you think that a store at one of our locations would be right for you, or if you would like to learn more about our available spaces, please reach out via contact form. We’d love to meet with you.