Thursday, October 1, 2009

When You Are Looking For Retail Space…

Are you searching for a location for a new retail project in the Charlotte area? Finding the right commercial space has a lot to do with the specific project, but there are some principals that you should keep in mind no matter what you are going to be selling (or buying)…

A) Location, Location, Location:
Okay, its been said time and time again…The location of your new or transplanted business can be a key in future success. Does your new spot get a lot of passing foot traffic? How much competition is next to, or near it? What type of complimentary businesses are your neighbors? Is it easily accessible or a destination spot? Make sure the location is the perfect place for your business. (If you need assistance finding that right location, contact us at Kuester at 888.600.5044)

B) Outer Space? Inner Space? What kind of space?:
Does your potential space work for you? Don’t just concentrate on the square footage of your new spot, does the actual shape, height, width, and flow of the property work for your endeavor? Make sure your new commercial site isn’t too narrow, or to dark. Do you have enough windows, how many entrances and exits are there? What side of the street is the space on? Envision yourself in there everyday for a long time, and think hard on whether or not it will work for you.
C) Crime
Being in a neighborhood that has some crime issues is a problem. While it is a positive to be the business that is trailblazing into a gentrifying neighborhood, there are definite negatives to it too. Bars, restaurants, and office spaces might have no problems, but retail stores will suffer terribly. Not only do you need to look at crime as a threat to your property and inventory, but to your customers, clientele and employees.

D) Parking

It might be a part of your location question, but for some businesses it is an important enough issue to site by itself. Do your customers need parking or will most of them be walking to your location? If you think they will be driving, then make sure you have ample street parking or are close to a parking lot. Check the meter situation on your street. If you have lots or garages nearby, approach their owners/management about creating a special deal for your customers. Customers who know you are looking out for them and their wheels will be happy customers.

E) The Rules!
Every neighborhood, township, town, hamlet, city, and street has different rules, laws, and regulations. Research all the ordinances in your neighborhood before you sign a lease or make a land grab. Some locations will not work for all businesses. Signage issues, historic preservation, liquor laws, curfews, noise ordinances – make sure that your business won’t be upsetting any apple carts. Make sure to check with your future neighbors and ask them how they got through the system if the regulations limit what you are hoping to do.

--Property Manager
Kuester Companies

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