12 Tips for Choosing a New Retail Space
Entrepreneurs in Edmonton (or other Canadian cities) often aspire to have their own brick and mortar retail location. Walking into your very own store is a thrill beyond just running an online business. However, before you sign a lease there are a number of issues that must be considered when choosing a new retail space. A few of them are:
- Demographics – it is important to choose a location where there will be enough potential customers to support your business. Contact your local chamber of Commerce or Economic development department to obtain up to date. Determine who your target customer is and make sure that your new location has an adequate number of them available.
- Competition – you want to make sure you don’t have too much competition in the same area. Depending on what products you are selling try to stand out by being somewhat unique even though there may be other stores in the area handling similar products.
- Accessibility – it is important to choose a location that is easy for customers to get to. You want easy access by car and if possible (depending on the type of business) one that will support foot traffic. Make sure you understand any restrictions regarding signage. Understand local zoning laws and regulations.
- Visibility – if your business is not in a mall you want a place that people will notice when they walk or drive by. You want an area that is considered a high traffic location.
- Parking – people today prefer to drive than to walk. Adequate free parking is essential to a successful retail location.
- Choose a Catchy Name – your name should attract attention of potential customers but should still give them some idea of what it is you are selling. Don’t try to be too cute.
- Establish a Solid Business Plan – this includes knowing what and sticking with your budget. It also means articulating what kind of customer experience you want to offer.
- Handle the Legal Details – a good lawyer is important for any entrepreneur. They can help you handle all of the necessary legal details. As well they can identify any pitfalls in your proposed lease.
- Choose your Suppliers and Distribution Chain - a retail entrepreneur needs stock to sell. Make sure your suppliers can replenish product in a timely manner.
- Determine Space Required – you don’t want to lease more space than you can use but having a little bit of space to grow is preferable so you don’t outgrow your location too quickly.
- Choose a Flexible Lease – don’t get locked into an onerous lease. This is where your lawyer can be a big help.
- Choose a Professional Moving Company like Premiere Van Lines – when you are ready to move in to your new location you will need a mover who has retail moving experience to move your racking, stock and other store fixtures. Their expertise and contacts will be able to help your move go smoothly.
For more information about retail moving contact our Premiere Van Lines Edmonton commercial moving division at 780-455-4502 or call Premiere Van Lines at 1-877-671-6683.