Monday, April 14, 2014

Tips for renting retail space

When it comes to retail businesses, renatl space plays a huge role in their overhead expenses. Aside from the cost, the property location also plays a huge part in determining the business's success. When choosing a space to rent, there are a number of things to consider. Get some tips...

Assess the space requirements needed to run your business. It’s best to think long-term on this one so think about your current as well as your future business needs.

Space requirements

Assess the space requirements needed to run your business. It’s best to think long-term on this one so think about your current as well as your future business needs. Once you commit to a small space, it may be difficult to transfer to a bigger space while your lease term is still running.

If you plan on hiring an interior designer to design the space, it’s best to include them earlier on in the process as he or she may have a better idea and valuable input on how much space you’ll need. The capacity you’re expecting in a small space may turn out to be impossible after all. 

Location tips

Location is of primary importance when it comes to real estate, even more so for retail businesses. Your chosen property location should cater to your specific market to ensure regular sales and repeat customers. Commercial complexes and malls usually provide information on foot traffic for prospective tenants. Use this information to assess the profitability of your business in that given location. 

Lease agreement

Once you decide on a retail space that meets your requirements and a desirable location to boot, it’s time to handle the lease agreement. Read the terms and conditions thoroughly. Now is the time to clarify any concerns you may have and negotiate on some provisions. Check if there are any restrictions on storefront designs, signage displays, construction and parking spaces. It may also be beneficial for you, as the business owner, to include a non-compete clause in the lease agreement, so as to prevent the landlord from leasing a nearby retail space to your direct business competition.


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