Location, Location, Location is Most Important to Retailers

May 29, 2015

Looking for retail space is probably the most important decision that a business owner will make. And within that decision where you decide to locate your company will have as much to do with its success as what goods or services that you provide.

Finding retail space that will put your business in the best possible position to thrive is key to its survival in a competitive marketplace and it is a decision that must be made carefully.

The type of business that you have has a great deal to do with where you should locate it to give optimum access to your clientele. Finding adequate square footage and a building with the right amenities are two very important considerations but where the building is in relationship to your customers can mean the difference between success and failure. In that regard location really is the primary concern that needs to be addressed when it comes to retail space.

All retail businesses are not the same in that what works for one may not work for another especially if one caters to a specific group of people.

Specialty shops have more of a need to be located where they can be easily accessible to their client base unlike big box stores or general retail outlets that are geared toward the general public. Their proximity to their clients is a greater factor in where they locate their business.

A medical supply store would do better to be located near a hospital or cluster of doctor’s offices where prescriptions for crutches, braces or other medical accessories are likely to be written than they would being located at a mall or some other random location. A boat repair and supply outlet would likely do more business if it were located near a boat dock than it would if it were placed somewhere else that was less convenient to its customer base.

Consumers like convenience more so now than ever before. With all that families have to do it is imperative that goods and services are logistically positioned. A mother who has just come from the doctor’s office with her son who has a badly twisted knee requiring a brace does not want to have to drive all the way across town to get it. A medical supply store near their doctor would be a great convenience to them and be another satisfied customer for that business.

Retail space location is of the utmost importance to a business. More important than the actual retail space itself. It does a business absolutely no good to have the perfect retail space if the building has no customers due to its location.

When looking for retail space who you are servicing should be at the top of the list in your considerations for where to locate your business.

For information on how we at Hartman Income REIT can help you with your commercial, retail or industrial retail lease needs contact us today.