Choosing the right space for your retail business is arguably the key consideration facing any company director. It’s a major commitment and getting it right can transform your business.
To help, we’ve gathered together some of the main things you need to think about when looking for a retail space to rent. Topics include location, your target market, what kind of space you need, what to ask the landlord and more.
Location
First and foremost, you need to work out the best location. Lots of factors go into this decision, including:
- Does your target market shop there?
- Is footfall high?
- Are there other similar businesses nearby?
- Is it easily accessible via public or private transport?
- Is the location growing in popularity?
- Is it a place where you can find good potential employees?
- Are there local amenities for employees?
- Does it have adequate delivery and parking facilities?
- Has there been any recent investment in the location?
Those are some of the most important considerations when you want to rent a retail unit. All of them get to the heart of your business goals and are vital for its future growth.
For example, if there are three other businesses nearby doing the same thing then it is possible that the market could be too saturated for you. Or, if people can’t get there then footfall is likely to be too low to sustain your business, so perhaps it is a better idea to join an existing shopping centre in a growing location like the Brunel in Swindon?
What kind of space do you need?
This is more of a technical concern, but it is nevertheless important. You need to make sure that the shop units to rent which are interesting to you, have the right classification for a retail business.
The planning use classes currently in use are:
- Part B (Schedule 1)
- Class B2 – General Industrial
- Class B8 – Storage and distribution
- Part C (Schedule 1)
- Class C1 – Hotels
- Class C2 – Residential institutions
- Class C2A – Secure residential institutions
- Class C3 – Dwellinghouses
- Class C4 – Small Houses of multiple occupancy
- Part A (Schedule 2) Commercial, Business and Service
- Class E – Commercial, Business and Service
- Part B (Schedule 2) Local Community and Learning
- Class F.1 Learning and non-residential institutions
- Class F.2 Local community
As a retailer, you are more than likely to want a Class E space, previously known as Class A1 as that will cover all your needs.
If you choose a space previously used as a retail unit – or one in a purpose-built retail venue like a shopping centre – you are unlikely to have any worries.
However, it is always worth checking before getting too attached to a particular commercial retail unit to rent.
What to ask the landlord
So you’ve found a great location and checked that the building classification is right – what next? You need to talk to the landlord and ensure that you ask the right questions.
That will include making sure that the length and cost of the lease are right for your business, along with the potential to take more space in the future if you need it.
However, you should also consider digging a bit deeper and finding out the following:
- What facilities are there on site for staff?
- Does the unit come with furniture and equipment fit-out included? Or will you have to arrange that separately?
- How do maintenance and repairs work if anything is needed?
These are all operational concerns that can add extra unexpected costs to your business if you don’t find out at the beginning.
The easiest way to make sure that you have found out everything you need to know is to choose an expert property company like FIREM and get expert advice from the start.
See our available retail units and get in touch with the team today to start your retail journey.
