“Retail” is a pretty broad term and can apply to any goods that are sold directly to the consumer. Often, people use the term “retail” to mean clothes and shoes, but it can also apply to things that are bought for the home such as bedspreads, blenders, books etc. If you run a retail business, you’re directly in touch with the consumer, and one of your main aims is to make things look appealing to those who will eventually buy them. So keep the following things in mind when you’re looking at a retail space for sale or, for that matter, even retail space for lease.
- Is it big enough? A store that is big enough for women’s clothing isn’t necessarily going to be big enough for selling things for the home. Compare the size of chain stores for women’s clothing, such as Strawberry or Express with Bed, Bath and Beyond, and you’ll see that goods that are sold for the home require a lot more space. Bookstores can be small as well as big. A Hudson News, for example, is a lot smaller than a Barnes & Noble but the number of books available in it are also less. So think about your inventory and then decide on the retail space.
- Does it have the right look? If you’re planning on opening an upscale retail store, you’ll need a certain kind of ambiance. You might want tall windows, high ceilings and sculptural staircases within your space. Of course, no retail space is going to come with all the frills you require. But you should check out a place to make sure it has “good bones.” If you feel that you could turn it into the kind of place you want with some changes, then it’s probably a good buy. But keep in mind that your requirements are going to be different depending on the retail items you’ll be selling.
- Who’s your competition? Of course, you’ll be checking out your competition in the neighborhood before you buy a retail space. In general, if you are planning to selling clothes for teens or younger women and there are other stores that appeal to the same demographic in the neighborhood, that’s a good thing. However, one can also have too much of a good thing. If there’s too much competition, your store may not do as well. So try to find a place where you can strike a balance.
Contact us if you’re looking for a retail space for sale and we’ll help you find a place where your business will thrive.