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 Posté le: Lun Sep 30, 2013 3:43 pm Sujet du message: Ask the experts: If I want to establish a retail l |
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{Ask the experts: If I want to establish a retail location, what should I be looking for?}
James Shandro, Bruce Fox and Zach BermanTue Jun 18, 2013 12:01am PSTJames Shandro: Senior associate,[url=http://www.moncler-sale.org]moncler sale[/url], retail sales and leasing, Avison YoungWe have all heard the phrase “location, location, location,” and retail is no exception. To establish an optimal site, entrepreneurs should:Engage a retail broker/tenant representative: Chances are that you’re incredibly busy running/planning your business,[url=http://www.moncler-sale.org]moncler down jackets[/url], and by engaging a qualified professional you will be able to maintain that focus and leave the property search and market intelligence to the agent. Finding the right agent will make the site selection process as smooth and efficient as possible without distracting you from what is important: your business. Partner with professionals: Consultants might include architects, contractors, designers,[url=http://www.moncler-sale.org]moncler sale[/url], etc. Having the right “team” will make the process quicker and easier and will assist with site selection and lease negotiations. These partnerships play a critical role when estimating costs associated with lease-up,[url=http://www.moncler-sale.org]moncler outlet[/url], build-out,[url=http://www.moncler-sale.org]moncler on sale[/url], etc.Understand their customer: Knowing your customer is one of the most important factors when seeking a retail location. Details to consider within a given trade area are household income, population density, spending habits, etc. Know who the major tenants are as well as locations of any competitors or complementary businesses that will draw customers to the area.Understand their business: Is your business a destination? Is this a startup or an expansion/relocation? Does your business require big signage? Abundant parking? Proximity to transit? Frontage, loading, ceiling heights,[url=http://www.moncler-sale.org]moncler on sale[/url], customer amenities (washrooms,[url=http://www.moncler-sale.org]moncler down jackets[/url], etc.), accessibility, HVAC and any other needs should be considered.Budget: Once you have determined the best area to locate your business, up-to-date market information is crucial. Market rental rates can vary even within the same trade area. Having a clear picture of recently completed lease deals and what your budget will allow helps to narrow down the search.Bruce Fox: Chief operating officer and VP of development, Browns Restaurant GroupJust like a good recipe, any successful restaurant or retail space is the result of a well-executed combination of ingredients: concept,[url=http://www.moncler-sale.org]discount moncler jackets[/url], product, service, talent and location. None of these is more important than the other.Straight out of the gate, get the location right. It’s one thing you aren’t likely to change once you set up your business because of long-term lease and development costs. Assess the local market demand. Do you want your donut shop adjacent to a gym or police station? Make sure you have an appropriate customer base for your business.Next,[url=http://www.moncler-sale.org]moncler outlet[/url], consider the various components that will make your restaurant or retail business work: visibility, access, spatial orientation, sun exposure and parking. Also investigate zoning compliance early in the site-selection process.Exterior modification opportunities and signage applications are vital to establishing brand presence. Customers need to know at a glance who you are and what you offer and the building can assist: glazing, roofline, overhangs, sidewalks, stairs and ramps are all important considerations.Operational considerations, such as delivery of supplies and waste removal, are also a key part of maintaining well-functioning premises.Then comes the deal. Rate is usually the first consideration: it has to be affordable and the added costs of occupancy must be detailed in the offer stage to avoid surprises later on. Also, look at term and renewal options. What about the landlord? Is it a larger, professional firm or a smaller independent? Use a tenant representative to help you with locating and securing a site and negotiating your deal. Finally, retain a lawyer with experience in commercial leasing to guide you through the final form of lease.Zach Berman: co-owner, the Juice TruckWhen looking for a retail location,[url=http://www.moncler-sale.org]discount moncler jackets[/url], you need to think about a few things. Each space serves a different purpose – whether it’s in a densely populated, high foot-traffic area or around other destination places.For our first location, we wanted it to serve multiple functions:We developed a mixed-use space – part production, part retail storefront and part community/mixed programming (space for events, workshops, movie nights, etc.).We wanted a central location, accessible from both the east and the west.Parking needed to be available.We looked for a combination of being near business and near residential.For our first space, we went for something we could grow into and, once established, expand a similar footprint to new spaces.You should invest some time in any of the areas that you’re interested in. Watch the flow of people. Where they eat. When they eat. What side of the street they walk on.Is there a similar product nearby? What kind of competition will you have? Try to get familiar with the neighbourhood and its community as much as possible.Consider what was previously in the retail space. Is there an existing framework? Is it turnkey or does it involve a major build? Project your sales for the space and make sure the rent makes sense for what you believe you can do.Lastly, how does the space feel? Listening to your gut feeling about any space goes a long way. It’s got to feel right if you’re going to be committing to creating a retail home for yourself.Tags: Avison Young (Canada) Inc., real estate, retail, entrepreneur
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