There are a number of factors that affect the success of a retail site and, for each individual business, they differ in their significance. Choosing the right investment is never without risk. As the UK continues to manoeuvre from its lockdown, there is even more caution required when opening a new operation. In addition to maximising your brand’s potential, it is important to find suitable and sustainable custom that will support your business’ success through more difficult times.
Some business owners will be familiar with the protocol of scoping out a new retail site, while others may be doing so for the first time. However, even those familiar with evaluating a new site may still discover pitfalls, which is why it is always worthwhile to reevaluate the basics of how to choose the right retail site.
Capacity is Cost
A fundamental rule of owning or renting a retail site is that its capacity is a cost. It may be difficult to accurately judge the amount of space your business will require when looking at a floorplan, including all necessary storage, but making attempts to do so will ultimately save you money.
Finding yourself with surplus space is an extra cost to your business’ overheads. There may be potential to make use of the space with certain products or designs, however, even with such action, there will be an increase in your energy bills, raising your monthly expenses. Unless your business can justify the excess space, it is much better to work with less.
Certain sites will be offered for rent or sale with existing furniture and assets. Anything from sign fittings to office rooms could be an added extra for your store. If you find a location that has these added benefits with the foresight that they make contribute positively to your operation, then you will be saving money on future costs.
Conversely, however, if there is an item that may not work for your business, it will ultimately become a cost, either of space or money, to store or dispose of it. Static furniture may also be a hindrance in developing your design. Either way, it is critical to be conscientious of existing furniture.
Situating your business in the right area of town is crucial to finding a successful customer base. This can mean many things, from positioning your business near complementary businesses, such as cinemas and restaurants, as well as near-optimal traffic, such as sites with higher footfall.
Since your store will also be echoing your brand, you will want to make sure that your cable displays and mannequins are able to shine on the high street. Finding the right position will turn your brick and mortar store into a permanent advertising feature, meaning you can broadcast your brand all year round.
The calendar of every town and city across the country is different. Alongside local celebrations and markets, there are also regularly occurring construction works. Each of these can drastically enhance or hinder your footfall, which is why it is totally necessary to take a broad overview of the locations year-round activity.
Without this forward-thinking, you may find yourself in the middle of a blocked off road for weeks of the year.