In any kind of a start up, the location and type of space are vital for its success. Retail business can be carried out through retail stores in commercial areas or in shopping centres. There are pop-up stores which are set up for aiding retail business. For all these types of stores, the best way to acquire space is through leasing.
Retail Space Leasing
Retail business is on the rise. During the initial stages of their business, most retailers are looking to lease retail space. With so many entrepreneurs venturing into retail , business, there is a high demand for a retail property.
While starting a retail business, the most important criterion is the location. Selection of location is based on the clientele the business is catering to. One way of selecting the location is, by visiting retail stores selling similar products and assessing the suitability of the location. The popular retail locations are retail shops in commercial areas and shops in shopping malls. The expense involved in leasing the location is also important. The ideal way of space selection would be by striking the right balance between these two factors.
Pop-Up Store Leasing
Another concept that is gaining popularity pop-up store. These are small and temporary retail stores used by firms to generate interest in their products or services.
Main benefits of a retail pop-up store are:
They are affordable:
This is especially beneficial for startups because they don’t have to invest in a traditional retail space where the rents are higher.
The commitment of short-term:
This enables a business to adapt to changes in its business and marketing plans. A retailer has the option of opening a pop-up store when there is a demand for the product and shutting it down during low demand periods.
They create interest in the minds of customers:
People are attracted to the new structure suddenly cropping up in a crowded area. This makes marketing the product easy.
They facilitate testing the response of the market to a new product:
By introducing the products in a pop-up shop, the retailer has an opportunity to gauge the response of the market to his products.
They encourage spot purchases:
Since people realize that these stores are going to be closed down, they have a tendency to ‘buy now’.
They are useful for creating brand awareness:
This is especially beneficial for online products as this type of outlet allows a face-to-face interaction between the buyer and the seller. They are able to explain to the customers any new product or service to be introduced.
The best way to maximise your income with minimum risk is by leasing out space. If you are an owner of a retail space or a shop that is vacant or underutilised, short-term lease, casual leasing or space sharing are the options you could consider. These spaces can be easily leased out by listing them on various space listing websites. These sites directly connect space seekers to owners.