How to Find, Choose and Rent the Best Retail Space

Posted 2 years ago by Max Komonov

In听recent years, ecommerce has grown exponentially. It听has never been easier to听have products delivered straight to听your door. While online shopping through online marketplaces such as听Amazon continues to听rise, in-store retail shopping is听still the听leader when it听comes to听consumer spending. In听fact, of听US听retail sales are made in听brick-and-mortar stores. Even businesses like Amazon, which does the听vast majority of听sales online, insist on听having retail spaces scattered across the听globe.

With this in听mind, it听is听clear that having a听retail space is听still critical for听businesses of听all sizes. This article will discuss different types of听retail spaces and听how to听rent and听lease one. We听will also help you narrow down what type of听space is听right for听your business.

Do听You Need a听Retail Space for听Lease or听a听Retail Space for听Rent?

Before seeking a听retail space, it鈥檚 important to听understand the听difference between leasing and听renting.

When you discover a听retail for听lease, that means that it听is听available for听the听long term. Lease contracts can be听anywhere from 6听months to听10听years.

Contrarily, a听retail space for听rent is听designed for听the听shorter term.

Once you have decided how long you would like to听commit to听your retail space, it鈥檚 time to听do听some homework. Leasing a听retail space is听a听big commitment that requires clarity and听a听lot of听research. Here are some tips to听help you choose your rental space.

Preparing for听renting or听leasing

When it听comes to听selecting a听retail space, making lists can go听a听long way. Assess what you need for听a听space, what you prefer, and听what you don鈥檛 want. Most businesses require a听stock room, bathrooms, sales floor, and听offices. Some also require dressing rooms. Be听specific about your needs before moving forward.

One of听the听most important elements to听consider is听how much space is听needed for听your business. Is听a听small retail space for听rent enough for听you? Do听you only need a听commercial retail space for听rent? If听you鈥檙e seeking a听lease, how long of听a听lease do听you need? Asking yourself questions like this beforehand will simplify the听process later on.

Another important element is听calculating your budget. Businesses that are up听and听running should be听able to听assess financial availability based on听sales numbers. If听your business has not opened yet, be听as听precise and听realistic as听you can when assuming sales numbers.

Once you know what you want and听understand your budget, it鈥檚 time to听explore your options. Websites such as听Loopnet offer a听wide range of听properties for听rent and听lease in听various locations throughout the听country.

Subscription services such as听Co-Star are also available, although you will need to听pay for听their services. In听addition to听searching the听internet, newspapers are still a听good source for听retail properties.

Assessing retail spaces

Once you have begun searching for听a听place, you may wonder what to听ask when leasing or听renting a听retail space. Fortunately, there is听a听lot you can figure out by听utilizing the听internet. Consider the听following retail space criteria questions:

How much does it听cost to听rent a听retail space? Usually, rental rates range from $0.90听to听$2听per square foot. Be听sure to听check the听listing and听contact the听management office if听there is听no听clear indication.
Is听there a听lot of听crime in听the听area? As听a听business owner, it鈥檚 important to听feel safe. You can check crime rates by听using mylocalcrime.com.
If听you have any听competitors, where are they located? Being close to听a听competitor in听your field may have pros or听cons. If听they are successful and听draw people close, this may be听helpful to听your business. However, if听customers are loyal to听them, they may not serve you.
Are there complementary businesses nearby? If听your business focuses on听selling discount shoes, it听may be听beneficial to听have a听store nearby that sells discount clothing. Finding a听retail space with a听complementary business nearby will give you a听major advantage.
Is听the听retail space zoned for听your business? Unfortunately, there are zoning laws that may not allow your business. Connect with the听local zoning office to听make sure you are able to听open a听store in听their area.

How to听Find a听Retail Space for听Rent: Use a听Retail Space Rental Agency

Depending on听the听area, figuring out how to听find a听retail space for听rent may be听difficult. A听retail space rental agency often assigns agents to听particular properties. They become the听point of听contact when you are ready to听rent or听lease.

These agencies can introduce you to听properties that you may not have discovered otherwise. Generally, they have a听number of听retail spaces on听file, along with agents who can guide you through the听process.

How to听Rent a听Retail Space

Once you have found a听retail space that meets your needs, it鈥檚 time to听move on听to听how to听rent a听retail space. At听this point, you will contact the听leasing agent and听receive a听proposal. It听is听recommended to听work directly with a听lawyer during this process. Otherwise, you might be听confused by听the听contract and听get lost in听the听fine print. A听lawyer will also help you negotiate, helping to听reduce costs.

Once you have signed the听contract and听made your first payment, you are ready to听begin the听process of听moving in.

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About The Author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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