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Renting Retail Space: What You Need to Know

We’ve highlighted some of the key elements that you may want to consider whilst on your journey to retail success.

When diving into the retail sector, there are a number of factors that you’ll need to keep in mind before settling on your retail unit. Compared to other forms of commercial property, there are specific aspects that apply when renting a retail unit that can make all the difference to the overall success of the business.

 

Location is Everything

It’s essential with any commercial property that you scope out your location and carry out the due diligence necessary for the area. The location in which you trade from can have a huge impact on the level of your success and can ultimately determine whether you sink or swim. In retail, your positioning is all the more significant.

 

Identify your customers, get to know exactly who they are and where you’re most likely to find them. This way you can ensure you choose the perfect location to reach your target audience. It’s easy to be tempted by cheaper rent but paying a little extra to be in the ideal location to reach your customer base will make all the difference to your success.

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St Peter's Mall, Derby

Know Your Competitors

Following on from location, another point of interest to tackle is your neighbours and competitors. You’ll need to identify whether neighbouring companies will compliment your business or intervene with your trade for any reason. If there are direct competitors in close vicinity, it will be important to consider whether their presence in the area will hinder or help your business.

 

This is something you can get support and guidance with before securing your lease and it’s important to discuss with the landlord what measures and solutions are in place to help minimise the impact of local competitors. For example, if you are in negotiations with the landlord of a shopping centre, you may be able to discuss a clause in which they agree to not place you directly next door to a competitor.

 

Consider Your Shop Front

Due to the nature of your business, you may have a range of products that you want to display in the shop window and sometimes these displays can be the main way to attract customers.

 

A well-dressed window has the power to turn any passer-by into a paying customer. As well as attracting more customers, it also helps to enhance your brand awareness, establish a first visual point of contact, promote specific services and products and back up marketing campaigns. If the premises you are looking to rent doesn’t have a big enough window for a display, or simply doesn’t have one at all, it may be worth weighing up just how important an exterior display is for your business.

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The Maltings, Ross-on-Wye

Signage & Exposure

You need to consider how you can gain maximum exposure for your business through internal but mostly external signage. Your external signage is another first point of contact which can attract or deter a customer from entering your premises. You’ll need to be clear on your external signage options and allowances with the landlord to know exactly what you can and can’t do.

 

If you decide to take retail space in a shopping centre, it’s good to know where your brand will be placed around and outside of the centre. For example, if you are moving into a retail park, how long will it take before your brand name is up on the totem sign? These types of questions will guarantee you get the maximum exposure you can for your business.

 

Events & Holidays

Celebrating national holidays such as Christmas and hosting inhouse events specific to the local area are a great way to engage and interact with the local community. Shopping Centres tend hold a variety of events all year round to create an influx of footfall and boost exposure of your business, usually without you having to lift a finger. With such a diverse customer base, shopping malls look for ways to differentiate their offerings to meet market demands.

 

Getting involved in such events can illuminate your business to potential customers and present you with an opportunity to build brand awareness without a heavy marketing fee. You’ll need to consider if this marketing initiative is a necessity when choosing the location and type of retail unit you want.

 

 

 

 

North Point Shopping Centre, Hull

 

Storage and Stock Space

Depending on the nature of your business, you may want to keep stock readily available for as and when the customer needs your product. Having your customers products in stock and ready for them to take home is crucial and unfortunately, if you can’t produce the goods on demand, you may look less professional and organised. This is why it's handy to have enough internal space to fill with stock to ensure you never suffer from lack of inventory, giving you more of a chance to display your exceptional customer service, sustain repeat custom and increase profits.

 

Alternatively, some retail sites may offer external storage options too so if you don’t have enough room in your unit, you may still be able to store your goods in a secure space close by. Again, the decision is to be made by you to decide which works best for your business demands.

 

Parking Matters

Whether your retail premises is located on a busy high street or in a shopping centre, it’s imperative to be able to offer some form of parking arrangements. Scope your area for onsite or nearby parking to ensure employees and customers have a convenient, cost-effective and secure area to leave their cars when visiting your property.

 

If the property comes with an added bonus of onsite parking, this can increase the footfall at your residence, attract a wider range of customers and provide a number of benefits for your business.

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Information is key

When going through the process of leasing a retail unit, it’s essential you carry out the research required to ensure you’re choosing the best fit for you and your business. Knowing your area, what benefits come with the lease and what elements you can or can’t compromise on narrows down the search and provides clarity to move forward.

 

We have a number of retail units to suit your exact business requirements, click here to find your perfect match. 

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