Send Me Your Location: Retail Spaces

neon sign, restaurant sign, restaurant

Commercial real estate varies from residential. The type and size of a business is a factor when looking into a potential commercial space. A small enterprise with limited inventory could settle in kiosks. Meanwhile, other firms may require spots in shopping malls or a free-standing structure.

There’s no need to rush when deciding on retail space. It’s much better to build a solid conclusion than a half-hearted decision. Below are pointers that can help one decide which is the best retail space for the business.

1. The space covers the business’s wants and needs.

Setting up a restaurant requires a huge floor area as it has a kitchen and a place for diners. A clothing store or fashion house at Solaris One may expect less than a restaurant. Meanwhile, a repair shop can do well with specific square footage especially when it doesn’t make stock items for sale. The size of the retail space will impact its price. It’s essential to note these details, especially when considering a budget.

Other than sticking to a budget, the potential of the business to expand is s factor to consider. The brand may attract customers that will boost sales and require an additional stock of merchandise, seating or service. The space must be enough to cover current needs, but it must also be flexible to allow expansion.

Lastly, the space must share the brand’s story. It must be customizable and ready for changes and renovations for owners and companies to convey their message to customers.

2. Customers and talents are within the area.

Knowing the brand’s target market provides an idea of the geographical location of potential buyers. If the space is in a place accessible to the target market, it gives them the convenience to avail the product or service. At the same time, consider the climate of the business community in the area. A community of supportive and growth-based entrepreneurs helps micro and small businesses thrive. Meanwhile, a competitive landscape is unhealthy for growing companies.

Future employees and staff must also be in mind when scouting for retail spaces. The ease of travel improves productivity at work. A workplace far from home results to tired and haggard talents. Their fresh energy gets worn out during the commute. When the retail space is near the skilled workers, the business gets the best out of its human capital.

3. The price of the property fits the budget.

Going for a retail space that is over the budget is overspending. It cancels the purpose of setting up a business – generate income to earn a profit. An area beyond financial limit causes troubles later on. Still, the space must be a high-quality retail space that suits the brand and enterprise.

4. Public transport and infrastructure are available.

The main concern when considering clients and staff is their convenience of travel. It’s a plus when the retail space is near different modes of transportation and government institutions vital to your operations. Moreover, it is also an advantage when Internet and telecommunication providers cover the business location. Since most transactions are online, the Internet connection will benefit operations by having a more extensive customer reach and streamlining business process.

5. There is space allocated for parking.

Most business owners forget to consider the need for parking spaces. Ample parking space is valuable for clients and people who are part of the company to prefer to reach the area through their vehicles. How hard is it for them to suitable parking space especially in a busy area such as a central business district. These people may choose a competitor with similar products or service because of the lack of space. Be it in front, back or beside the retail space, and the parking space must be accessible to clients.

6. The space must not have strings attached to it.

The full cost of the space comprises the rent, utilities, construction costs, moving expenses, and a list of other expenses that may not be obvious in the beginning. There may be costs associated with the move such as the restoration or remodeling of the space.

7. The lease terms and rental rates must be secure.

To get the best out of a lease contract, it must be subject to renewal. Any increase in rental rates must be subject to review by the landlord and the lessee. Furthermore, survey the rental price if it is the gross or net. Most figures are net. It only shows the base or the payable amount.

8. Furniture, fixture, and equipment is a must for business.

Their retail space must include furniture, fixture, and equipment since they produce products and offer services. Stocking these items in a corner contributes to an unpleasant environment. The retail space must be roomy for the bulky items. That is a property where rooms are not scarce is a keeper.

Retail Spaces Need the Time and Place to Come Through

The needs of the business entity as well as its customers and staff make up the factors to use as a guide when choosing a retail space. Besides these factors, the basics of deciding on real estate decisions such as lease terms, property price, additional expenses, as well as proximity to modes of transportation and infrastructure, affect the attractiveness of the space.

Note: This article was first published on May 5, 2016, as “Where Should You Locate Your Business?” It was revised and updated for accuracy and comprehensiveness.

Advertisements

5 Approaches to Earn More in Sinulog Festival

Weeks of festive celebration, how do you like that for making lots of money?!

Admit it! We are all in a high alert mode when we hear and talk about making ‘Lots of Money’. Of course, who would not like to hear about it when that is our top priority to sustain our daily needs?! And since it is a festival, eating is always present. That is why restaurants in Cebu are already hyped to let the people taste their specialties. Of course, that is also making money.

Not only restaurants, there are hundreds of vending stalls selling a variety of things. Be it bags, shoes/slippers/sandals, clothes, kitchen wares, etc. name it and you will have it. Anything that involves money, we are always on the go. That is why there is always a need to think of the things that grab the interest and attention of the people which makes them want to buy the products from you.

There are many ways and versions on how to make a profit out of your products, but most of these versions did not last long since they lack factors that can ignite the interest of the people to buy their products or services. Taking for granted with these factors is a big no for business oriented people.

Know your market

First and foremost, always know your target market. From there, you will be able to gather more information and more ideas on how to let your products be known to the people. You have to know what interests them the most, get it, learn from it and apply it to your products or services for the people to buy it.

This approach will really help in guiding you to get the people’s interest in the particular product. It is always an advance to know what market or people are you targeting to let you focused on that particular matter.

Store Extensions

When you want to let your products be known to people, you have to consider putting up another store or a stall to the places where people usually flock. And since it is a Sinulog Festival, you might want to place your stalls to where people can easily see and notice your products.

As much as possible, try not to place your stall in a place where there are only a few people who pass by. If you do, don’t expect a lot of people will buy your products or services.

Discounts

This is always been effective since people always look for discounts. There will be a lot of cheap and affordable prices, but always remember that we Filipinos are known for asking lower and lower discounts. And if they feel that the price, you are offering is still higher than the other store or stall, they will definitely find another one where prices are lower than yours.

Discounts may sometimes be demanding since you are also after with a higher profit. With that, why not try another way where people will still buy your products. Buy one take one, for example, people will surely love the idea of having it buy one take one at a cheaper price. Of course, just make sure that it is a win-win situation where you can gain enough profit out of it while they can enjoy the products they bought.

Promotions

Promoting your products and services is always helpful. Let the people know that your products or services exist. One way or another, they will get curious and tries to find out what your product or services is all about.

One way to let the people know your product is putting it in the tarpaulins or posters, where they can clearly see and notice it. Pamphlets and flyers are also one of the promotional materials that can help boost the familiarity of your products and services.

Be approachable

This is a must if you don’t want to let your customers go away from you and your products. Try to be friendly and ask them nicely what item they want. Make your customer as your friend; sometimes they will buy your products out of your friendship.

Also, try to be calm when they are rude to you, trust me; it will make your day.