Why Choose UsChoosing the Right Location for Your Retail, Office, Warehouse, Tech, Warehouse Business. Before even looking at spaces online or on the street, establish a price range and do not allow yourself to go above it no matter how much you desire the amenities and offerings or how much another party pressures you to select a more expensive space when considering retail for lease. Exceeding your budget will greatly limit your profit margins and potentially the success of your business.
Evaluating your reasons for having a Minnesota commercial real estate space will greatly assist in the often daunting process of choosing an ideal location. Selecting the appropriate and ideal location of a retail company requires great consideration for your end goal.
While employee satisfaction is always important, a commercial real estate renter should also equally consider the needs of the desired target consumer when deciding upon the most ideal retail location. A strictly retail business in an incorrect location is far less likely to succeed than a business possessing prime real estate.
Location is essential to the success of a bricks and mortar business. Without easy access for foot traffic, your business may struggle to bring in additional business. Even if you have the best marketing team, businesses that are too difficult to find or reach, will be negatively impacted by the location.
You should determine your ideal target market and determine their shopping and daily habits. If you are seeking to attract a younger clientele, a mall location may be ideal for your needs. If you are seeking individuals who are concerned about their health, look for retail space near doctors’ offices or fitness centers. You should also consider your indirect competition and where they are located. These businesses may provide you with a built-in client base without even having to do any marketing simply by your location proximity.
Do not forget to ensure ample parking is available for all clientele in the area. You should also consider retail spaces located on the busiest streets, intersections, and freeways to increase foot traffic and for increased visibility. If your store is easier to access than the store of your competition, you will gain their business. Selecting the ideal location in retail is one of the most important and challenging aspects to successfully accomplish, so take the time to consider all of your options.
General Tips When Leasing Office, Retail, Warehouse, Medical, Tech Space Consider an Exclusivity Clause or a Non-Compete. This type of clause will prevent the landlord from leasing any additional office, retail, warehouse, medical, or tech space to a potential competitor in the same building. Be certain to include a Right to First Refusal if you are in the perfect space. Consumer traffic may shift after a few years or it may stay the same. It is nearly impossible to determine such shifts several years in advance. Having the option to stay or leave on your terms is a must for commercial space. If you are required to pay utilities or any other fee, ask to see receipts and bills from the previous year to be able to calculate your true costs. Do not take their estimated word for it. If they have not been paying these bills, they are unlikely to know with great certainty. Ask for a Sublease Provision. Much like the Right to First Refusal, you may want to leave your current space for any number of reasons. You might choose to diversify your product line, expand your business, or adapt to market shifts. Be certain your business is protected in these circumstances and that you have options.