What Do You Need To Think About When Choosing A Retail Space?

Categories: Property TipsPublished On: May 31st, 2022Comments Off on What Do You Need To Think About When Choosing A Retail Space?

Choosing any commercial property for your business is a big decision, but with so many different types of units available, and each organisation having different needs, some will be better suited than others. Understanding what your business needs from a retail space, for example, is very different from what a company operating from an office will look for.

You should also think about why you’re looking at a new retail space. It might not be your choice, which makes things less complicated, but you might also need more space, or a location your customers can reach more easily – or the price on your current commercial property might be making the profit margins too small to be comfortable.

Whatever the reason, once you have an idea of where you want your business to be, getting the help and advice of local experts can ensure you make the right choice – and that’s where the Williams Sillitoe team can help.

What Businesses Can Benefit From A Retail Space?

The retail space or unit is one of the most common commercial properties you’ll see. From high street stores to corner shops, concession stands to units in a shopping centre – and many more – they come in all shapes and sizes to suit any business.

That doesn’t mean only one type of business can make use of a good retail space for rent, although because of their locations, they’re best for organisations that need or want a high level of footfall – people who walk by, and in, the property. This might be for sales, or it could be for support, a service or any number of reasons.

Companies Selling Goods

The most obvious type of business that would need a retail shop for rent are those selling goods and products, such as clothing, food, accessories, entertainment, electrical goods – and any other number of items.

While online retail is a growing trend, it hasn’t erased the need for a physical retail space, which can group products together, show their best qualities and offer promotions in a different way than online portals.

The bigger the shop, the more that can be sold, but too big a commercial property means a lot of empty space, and this isn’t always the best impression, so there’s a balance and brand to build.

Food And Drink Businesses

Cafes, coffee shops, bars, and restaurants can all make great use of a retail space, although some changes will need to be made – especially those businesses working with food. The right equipment, storage and ventilation will need to be included, and this can be a lot of work on any retail space for rent – depending on how long you plan to use it for.

For these businesses, longevity is the key, as returning customers are going to be a core part of your success and growth. Finding the right retail space, in the best location, will make sure everyone can find you.

Temporary Or Pop-Up Initiatives

Some businesses operate with pop-up shops or locations, taking advantage of trends, promotions or a limited experience to drive interest and get people invested in what they have to offer while there’s a chance. This is even used by art exhibitions and galleries from time to time, too.

This lets the company move to different locations, locally or across the country, and take leases that are much shorter than might otherwise be agreed. However, there is less that can be done to the property in question, beyond superficial and decorative changes, to make it stand out.

What Should You Look For In A Retail Space For Rent?

Depending on what your business does, and what stage of its life and growth it’s at, you’ll be looking for certain characteristics or features from a new retail space. A shop for rent in Manchester, for example, comes at different prices and sizes depending on the area you look at.

You also need to understand your market and what they look for – not only from your products or services, but in the area around your business. This is another reason why local experts can help. If you’re moving to a new location, you might not have the knowledge you need and this can mean your next location isn’t as perfect as it could be.

The Right Amount Of Space

When looking at any retail shop for rent, you should consider the space available. This is one of the biggest factors, as a big reason for moving in the first place is because you need more space as your business grows.

Work out how much space you need to function properly, but then go beyond that. Think about how long you plan to be in this location, and what space you might need in the future. If it’s consistent, you’ll have less to worry about later, but planning ahead can save you time, hassle and money.

A Good Location With High Footfall

Every retail space benefits from high footfall – after all, you want customers to visit your business and spend money. This is how you survive and grow. If it’s difficult for your target market to reach you, you’ll find it much harder to earn the revenue you’re looking for.

Ecommerce has made shopping easier for some, but a lot of people like to browse in person, speak to a member of staff or pick up their goods as part of a larger trip. Delivery times and charges can also bring people to a retail space, so making sure you’re in a good location that’s easy to reach is important.

Facilities Your Customers Need

For businesses where customers are going to be spending a lot of time in the premises, such as a cafe, bar or restaurant, you’ll need to prepare facilities beyond what you offer to make sure everyone is comfortable and they have a good time.

This can be:

  • Toilets
  • Changing rooms
  • WiFi access
  • Comfortable furniture
  • And much more.

Keep these things in mind when looking for a cafe or coffee shop to rent, as the ability to offer your audience value goes beyond the products and service, and can turn them into loyal customers that keep coming back.

The Best Features In A Shop For Rent In Manchester

As mentioned earlier, the features you should look for will depend on what you need, but as a growing city offering better prices than the capital London, a shop for rent in Manchester can do wonders for your business. Here are just a few ideas:

  1. Look beyond the main storefront. You’ll need storage space, staff areas, and other facilities for staff and customers. This either needs to be easy to implement or already in place, so you can keep your business running without interruption.
  2. Large windows are also a huge asset – as this lets people see what you have to offer and whether it will be of interest to them. Use this to display your products or promotions. Without a window, look for plenty of advertising space.
  3. Think about how your customers will reach you – and what they’ll need. Are you close to public transport? Even if you are, parking is something a lot of people think about, so know where this is in relation to your shop, or look for a place with dedicated parking.

Finding The Best Retail Space For Your Business

There’s a lot to consider when looking for a retail space that’s perfect for your business, and because each company is different, no two commercial properties will serve the tenants in the same way. This is why it’s so important to understand the position your business is in, and what you’re looking to achieve in the future, so you can make sure the next location you operate from is the right one.

With so much to keep track of and plan for, it’s possible some things can slip through – and you still need to spend most of your time running the business itself. When looking for a new retail space for rent, let the experts of the area help you find the right location. Our team at Williams Sillitoe can do this, working with you to find the retail shop for rent. Get in touch with us today.