A Basic Guide To Retail Space Leasing
Leasing space for starting a retail business is the best option for entrepreneurs. This is because it gives the business an opportunity to start with low investment. This gives them an opportunity to select a location for the store which might have been too expensive to purchase. It also gives them the flexibility to move out to a bigger set up when they are thinking of expansion. On the other hand, if the enterprise is not performing up to their expectations and they need to shut it down, they can easily do that also.
Certain factors need to be borne in mind before selecting the location of a retail store:
- It is beneficial to start on a small scale so that the risks are minimized.
- It is better to survey the area where the businessman intends setting up the store to check its suitability. For instance, information such as how other retailers selling similar products in the vicinity are performing?, if the activities of other businesses in the area support the business, how is the competition in the area?
- It also helps to check if adequate parking facilities are available in the area.
- The space available inside the store should be sufficient to accommodate the products, the shoppers, and the employees, etc.
Though this list is not comprehensive, these are some of the basic guidelines for selecting a store location.
Pop Up Store
Since it is a good idea to start a retail business on a small scale, the concept of a pop up store is becoming popular in retail business. A pop up store can be set up temporarily for a short period of time. The benefits of a pop up store for a retail business are:
- It can be easily set up.
- Operating a pop up retail store is easy
- It can be set up at minimal cost.
- Minimal structural changes are required to be made to the already existing set up.
- The businessman has a chance to see the response of the customers to his products at a particular location. This will help him decide on the suitability of the location.
- A pop-up store generates curiosity in the minds of people visiting the area. This helps in drawing customers to the store.
The businessman, therefore, has an opportunity to take a decision regarding the type of retail store he will establish, based on all this information. He can do this without getting into a long term commitment of a lease.
Once a retailer decides on a suitable space for a retail store or a pop up store, he starts browsing through websites to find a suitable space. If you are a space owner, you can definitely benefit from this requirement. You can list your space on a space listing website and connect with such space seekers. With a rise in the number of start-up retail stores, there will always be a demand for your space. You can easily convert your space into a source of income.