Although we live in a digital and technology driven era, traditional retail stores are still doing well. The success of retail stores depends on two factors. The first one is the product and the second one is the location of the store. Even if you have the best product in the world, but your location is bad, sales will decrease and fewer customers will be walking into your store. Learn how to find the best retail space in Melbourne.
What is Your Budget?
Before looking for a retail space for lease, you need to determine your budget for rent and the size of the store. Paying more than you can afford based on the stores sales or choosing the wrong space are common mistakes new retail business owners make. In order to avoid these mistakes, it is crucial to have a clear idea on your budget and needs. Also make sure you narrow down your options properly and avoid renting an unaffordable space.
The cost of rent is based on the location of the property, it’s location among other stores in the same area, length of the lease, and its availability. For example, renting a shop in a new shopping mall is much more affordable than renting space in an already established mall. You can find affordable Retail Space for Lease in Melbourne at m-city.com.au.
When considering your costs, keep in mind the property taxes, insurance, and maintenance costs. You should also know who will take care of additional expenses such as maintaining the parking facilities. Who will pay for the security services or maintenance? All these items add up to the final cost of the retail store rent.
How Much Space Do You Need?
The amount of required space depends on the type of the retail store you plan to run. Common areas a typical retail store requires are the main sales floor, stockroom, offices and bathroom. If you plan to run a kiosk, cart, or booth, you need a smaller and less detailed space.
Before renting, try to imagine how will your equipment, shelves, tables and similar look into that space. Keep in mind that a store that is too small will seem cluttered and chaotic. On the other hand, a too large store will seem empty and boring.
How to Rent the Best Retail Space for Your Business
When narrowing down your choices, have location, cost and size in mind. Once you determine the budget and approximate size, you should find a suitable store location.
The location of your store should be safe and secure. If your store is not in a safe neighborhood, your customers will hesitate to come. The ideal location is where there are plenty of potential customers that target the local market.
Opening a store near a competitor may seem unwise, but doing so guarantees targeted customer traffic. This strategy is best for new retail business owners who don’t have customer base established yet. Lastly, if you think you have found an ideal location, before signing the lease, carefully pay attention to the terms of the contract.