Renting space for retail business has become the most popular option for procuring space. The retail business requires a shop space. Owners of such spaces benefit by renting out spaces for shops. This is because once the businessman establishes a clientele, he will not want to move. This will enable the owner to modify the contract on his terms.
For a retail business, one of the most important criteria is its location. The location will affect the performance of the business. There are many options available for renting a shop space. The space could be in a shopping mall, a shop space on a highway, or a strip centre.
Various factors that are to be considered for selection of the space are:
It is important to locate your business in a secure area.
You should locate your shop close to your target market.
Your shop should be positioned such that the other businesses in the vicinity complement the activities of the business.
It is beneficial to locate your business in the vicinity of its competitors. This is because you could generate an interest for your products, in the minds of an already established clientele.
Locating a shop near public transport or major highways also benefits the business.
The size of the space is important. It is determined by the nature of activities carried out by the business. It is important to estimate the size of the space required accurately. This is because leasing too large a space will mean paying extra rent . On the other hand, if the space is too small, it will be difficult to carry out the day to day operations.
Sometimes the nature of the business may be such that stand-alone premises might be appropriate for it.
The rent of the shop space is also critical for its selection.
After you have evaluated these criteria and decided on the location of the space. You have to select the type of shop space. You have to select between a shop space in a shopping mall, renting a space in a strip centre or leasing an entire building. This is determined by the type of retail business you want to venture into. It could be a departmental store, convenience store, supermarket, boutique, etc.
Shop space sought should have enough room to house all the merchandise, staff, customers, etc. Depending on the nature of your business, you can decide whether to select a space with a display window or not.
Shop spaces are generally leased or rented. This offers the businessman the option of selecting a space of his choice at a lower initial investment. This reduces his risk.
Owners of various types of shop spaces can find tenants for their space easily by listing their space on various space listing websites. For renting out a shop space in Australia, one of the best websites is Smarter Spaces. This site is accessed by a number of seekers throughout Australia. Therefore, it benefits the owner to list his shop space for lease on this site.