7 Features to Look For In Retail Properties
There is simple trick one person can remember when looking for a retail space to start or expand their business…
V= Visibility: Visibility is essential to every retailer. The saying, “Out of sight, out of mind” could pertain to retail users. You need to make sure that your business is seen as much as possible.
P= Parking: In short, nobody likes to fight for parking. This is particularly important for convenience driven retailers (lunch restaurant, convenience store, etc.)
A= Access: You MUST have a location that is easily accessible. You do not want to have “Statue of Liberty” location that is easy to see but impossible to get to.
S= Signage: This feature coincides with visibility. You must have proper signage so consumers know that you are in business.
T= Traffic: You want to make sure that there is a healthy amount of traffic in the area. You also want to make sure that there are no plans for construction or changes in infrastructure prior to committing to the space.
A= Activity: You know back in college when everybody showed up to parties with their friends. You never saw anybody at the party by themselves. Retailers are the same way. You should look at the activity within the shopping center. Business breads business. If you cotenants are struggling, you are more than likely going to struggle as well.
In summary, if you can look at a retail location and check a majority of these boxes, the space is more than likely an excellent location.
Please contact me if you have any other questions or comments.
Clayton King
505-878-0001
505-263-8531
[email protected]
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