Finding the perfect location will get you the customers, sales and brand recognition that you need to thrive. Choosing the wrong space can become a problem that costs you time, money and reputation.
There is much to think about when it comes to choosing your retail space for rent. Read on to learn more about the factors you should take into account…
Understand your target market
It is essential for all businesses to know their target markets, but that is especially the case when you are thinking of investing in a new retail premises.
Even if you are sure you have the right information, it is always worth thinking it through again as knowledge of your target market will inform what space you choose.
This can involve market research, competitor analysis and even more involved processes like surveying existing customers to find out who they are and what they want. You will want your chosen location to reflect the needs of your customers, putting what they want in the place that they want it.
For example, traffic analysis at Winnington Business Park in Northwich shows a projected 9.33% increase in the number of cars passing the site by 2033. In practical terms, this means there will be more than 8,000 cars passing the retail units every 12 hours. If your business relies on passing trade, this is an excellent location and opportunity for you.
Evaluate the site
Once you have understood your target market and identified a few potential sites for your new retail store, you should evaluate them in more depth. Firstly, you should analyse the area’s footfall and overall popularity.
A good example of this is St Peter’s Mall in Derby which has a footfall of 2.1 million per year. This figure may not seem exceptional on its own, but analysis shows that the configuration of the site means that it also benefits from the 24 million annual footfall enjoyed by the adjacent Derbion shopping centre. In this case, choosing St Peter’s Mall could get you more value for money than a comparable site elsewhere.
Secondly, you should look at the competition in the nearby area. Do other companies in the same sector have a presence nearby? If so, are they oversubscribed?
Alternatively, if you are in a specific niche it may pay to go somewhere that is already an established destination in your area. For example, Bygone Times is the ideal location for vintage businesses and has become a draw in its own right.
What type of space you need
Finally, you should know exactly how much and what type of space you need. There are many different types of commercial retail space available to rent and you should pick the one that suits your business.
Similarly, you should look for a location which matches the type of business you are running. For example, if you are mainly marketing a more corporate product then a space like 1 Newbridge Square which is located alongside high end office developments may fit the bill.
And finally, are you looking for a commercial retail unit to rent? Have a look at our portfolio of available opportunities and get in touch with the team by clicking here today.
