Location is the most important aspect when choosing the right retail space for your business. Selecting a spot with a high amount of traffic is also important. Whether you are venturing into a
new business or relocating your current business, this is a guide to help you locate your retail or commercial space in Dubuque, IA.
IPA commercial real estate mentions: “Picking out a prime retail space for your business needs to be a focal point. While it can be tempting to pick a cheap location and hope your business generates a steady flow of customers through its marketing efforts, sometimes, there’s no substitute for being in a busy part of town.”
The next thing that you need to do is analyze the foot or vehicle traffic in the area. If the area is close to other retail spaces or on a busy traffic street, this will mean higher visibility for your brand.
The next aspect to consider when choosing your retail space is to identify your brand and figure out your target demographic. This will help you search for a retail space area that will resonate with your target demographic, which includes their age, income level and shopping habits.
Parking is a huge deal when it comes to leasing retail space. If there is no parking available at the location, nearby parking should be available. You need to consider factors such as accessibility for people with disabilities and parking fees as well. Find out what other tenants are nearby and figure out if a big retail store, restaurants or other businesses will benefit your store.
Of course, the cost needs to be factored in when considering a retail space and how it relates to the size and amenities at the retail building. Although it may be worth considering leasing space at a high traffic area, it may not be financially possible if you are starting a new business.
Find out what is included in the lease. Utilities may be included in the leasing price as well as other expenses such as janitorial, trash removal and snow removal in parking lots.
When looking at a lease, a lawyer will need to be involved in the process to ensure you are getting what you are wanting and not signing up for anything you are not aware of. Also, consider getting advice from real estate agents or property management companies that specialize in retail space before signing a lease.
Whether you are picking out the right retail or commercial space for your business, there are many factors to consider. From picking a location that resonates with your audience to picking space in a busy part of town with a high traffic count, take the time to research your options and consult with professionals before signing a lease.
