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Four Factors in Choosing Your Retail Space
When choosing a retail space to start your business or expand your franchise, there are a few things you need to remember to make sure your business will thrive.
- Traffic: Whether it be car traffic or foot traffic, you need to make sure people can see where you are located. Retail can live and die by traffic, so knowing your traffic counts is key.
- Access Points: How will people get in and out of your space? Are their multiple entry points? Will there be a left-turn lane into the area? Also, pay attention to commuting points: a coffee shop on the side of the street with people driving home in the evening will get less morning business than if it was on the other side of the street.
- Co-Tenants: Who your neighbor is is really important. Why? Because people want to shop and do all errands in the same area, if possible.
- Demographics: The types of people that live in the area will determine what stores will thrive or die. An area with a large number of young families will welcome a children’s store, but an area near a large college campus might not be the best area.
Need help choosing the best spot for your retail space? Wondering what you can afford? Let our retail specialist help you. Contact us today!
