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Selecting the Right Location for Your Retail Business

  • By Steven Hays
  • Published 02/27/2012

If you were planning to set up a retail business or expanding your existing one, you need to conduct a proper search to locate the right property for this purpose. Conducting business location search is no tough task if you have a clear idea about your requirements and budget. It is better to select a few properties you think would suit your purpose at the initial stage. Finding answers to certain questions may be able to help you in determining which one would be right for your business.

Does it meet your present space requirements? Such a business would require adequate space for retail, workroom, storage and office. Consider whether the space available in a particular property offers you this. You must have certain layout requirements as well; check whether the space matches these specifications. Another thing you may also need to think about is – would it be able to meet your future needs as well? If you have business expansion plans, consider choosing a property that can accommodate your plans.

Is the location suitable for your business? Certain retail businesses have better chances of success at certain locations, and staying near your competitors may not be such a bad idea. This makes it easier for you to let your target clientele know about your products or services. However, staying near your competitors could only prove to be profitable for your business by virtue of the products and services you offer. Certain neighbouring businesses may also be capable of attracting clients that may lead to more business for you.

Is the property accessible? Whether it is the target clientele or the deliverer of supplies, it would be difficult to operate your retail business if the site is too difficult to access. Check whether the location is well-connected via different modes of public transport. It is also essential that the location has adequate parking space. Opting for a commercial property in a safe neighbourhood is necessary for a retail business. If customers do not feel safe in a particular place, your business would have minimal chances of success.

What is the condition of the property? When you are planning such a business investment in UK, you need to consider the total cost of ownership and not only the price of the property. It is, therefore, essential to consider the condition in which the property is before you buy. If there are costly repairs and remodelling to be done to make the space suitable for setting up your retail business, you need to calculate these in advance. This would give you a fair idea about the approximate expenses.

Are the necessary resources available? No business could thrive, and succeed, if availability and affordability of resources is a problem. Enquire about the condition of the existing utilities like lighting, heating and cooling, ventilation and so on. Proper lighting is also necessary to ensure that your retail business is capable of attracting shoppers after dusk. Another important consideration is the availability of qualified and experienced employees in the proximity.

Author Bio: Steven Hayes works as a business consultant and is based in Hampshire. If you were considering business investment in UK, you are sure to find his suggestions helpful.



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