Opening a brick and mortar retail store is a significant undertaking that requires careful planning and calculation to ensure that you choose the right location. These are four factors to consider when looking for a retail property for rent West Chester PA.
A great deal of your success will depend upon your retail shop’s location. Find a property close to convenient transportation or a well-trafficked area where people can easily find it. You want your store to be easily visible to passers-by.
After determining your store’s ideal location, you should look for properties that will accommodate your store’s inventory, workspace, and shopping and display formats. Some planning to determine how you envision your daily operation will help you narrow down your options and avoid wasting time looking at properties that will not suit your needs.
Ideally, you will find a property for rent that is close to big-name retailers or your competitors. People are more likely to enter your shop if it is close to one they are already visiting. Finding a space near your competition is also a great way to increase your traffic of qualified customers looking for the products you sell.
The rent for your retail property will absorb a significant amount of your profits, and it is in your best interest to carefully negotiate it before you sign a lease. Many landlords will add costs to your base rent, know as triple-net fees, including a portion of building maintenance costs, insurance premiums and property taxes. Be sure that you know the bottom-line number you can afford to pay for your rent that considers any additional fees. It is wise to hire a real estate attorney to review your lease before you sign it.
It is crucial to determine your daily needs and negotiable terms in advance of your retail property search.