Location, Location, Location!
The age old saying, location, location, location remains the most relevant slogan when exploring potential locations for your retail business. The following tips from Qualico Commercial’s Leasing team will point you in the right direction:
Meet Your Match
The most significant part of your location search is establishing a relationship with a broker that you trust. They are the professionals carefully listening to, and engaging with the current market and Commercial Real Estate industry. It’s a collaborative relationship led by the broker, and finding a professional that understands your business’ needs as well as a strong knowledge of the current market can help make your business successful.
Your Teacher Was Right
Always do your homework. While it is important to find the right commercial real estate professional to help you find a space, know what you are looking for. Determine your target customers and where they live. Typically, the only place people are willing to commute to is work, they don’t want to drive long distances for the services they need. Situate your business within close proximity to the type of customers your business is targeted towards.
Yeesh, You’re a Niche!
Are you already an established retailer with a strong clientele that are willing to travel longer distances for your product? If so, you can locate yourself more remotely. This will also keep your rent costs lower. However, it’s important to determine whether you are a business that needs exposure and proxy shoppers or a destination retailer with specific product customers are willing to go the distance for.
Run with the Pack
There are certain retail businesses that purposely choose to stay within the vicinity of other similar operations. Businesses like car dealerships, clothing retailers, and restaurants strategically choose areas of high concentrations of the same type of businesses. This situation is the exception to the rule, a known area for a cluster of a certain kind of retailer is just as likely to draw more potential customers.
Talk to Me
Finding the right location for your business can be an overwhelming task. The Leasing team at Qualico Commercial is committed to placing tenants in the most suitable areas, we are a group of seasoned professionals that know the right questions to ask.
For further information about Qualico Commercial and its properties please visit qualicocommercial.com/map