How To Get Prime Time Retail Real Estate
Prime real estate space is easy to come by, but hard to get into. There are hundreds of available retail spaces on the market, but not everyone is going to be a perfect fit for your business. Learn more about how to get the most ideal real estate for your retail store with this guide.
Really Understand Your Target Audience
Choosing a target audience was likely one of the first things you did when writing your business plan. Selecting the right location relies heavily on not only listing your target audience, but knowing them extremely well. You need to understand their shopping habits, including:
- Who they are – consider age, sex, education, style and more
- Where they typically shop
- How much they spend per visit
- What they are looking for when they visit a mall
- Why there is a strong need for your store in the area
The perfect real estate space will cater to the needs and wants of your target audience. Put these needs above location or financial reasons for choosing a space.
Why Choose a Heavy Traffic Area?
When people think of a new retail location, they often try to think of the busiest location. This is because they want the walk-in traffic, as this requires little to no advertising and can easily lead to sales. While target audience should take precedent over general foot traffic, businesses can find themselves thriving in locations with a lot of passersby.
For most businesses, this means choosing a location in a shopping mall. Keep in mind that some malls may not be open to your specific type of business. If you are set on leasing retail space in a mall, research the rules ahead of time to avoid disappointment.
It is also important to note that simply opening a store in a mall does not equal instant success. It only puts your store near people who are in a buyer mindset. You will still need to carry unique products at reasonable prices if you want to make sales.
The Importance of Research
Research is one of the most important factors in choosing a location. While you have likely conducted research on your target audience, you should take the time to learn about the top retail locations in the area. It is important to know the history of where you may be leasing and understand how it affects your business. Don’t just read old newspaper articles; look at statistics and store history to help make your ultimate decision.
Finding a reputable and large company like Summit Properties can be a great place to start researching locations and compare availability, as the company lists several commercial real estate properties for lease throughout London, making them very knowledgeable about retail lease options.
Getting the best location for a new store takes a lot of patience, planning, and research. Even if you choose to lease a move-in ready property, you still need to consider your target audience and how location will affect your business. However, business owners will be very happy once all of these details are considered, as each one can significantly affect sales.