Finding the best retail space for your company can take time. The space you choose not only adds to your brand identity but is integral in creating and growing your customer base.
Before choosing your retail space, research and planning will help to ensure your final choice adds to your business success. We’ve put together this guide to help you answer those key questions in forming your overall strategy.
Should I rent or buy?
There are pros and cons to renting or buying your retail space. Advantages of buying commercial property are predictable repayments and the security of owning your own premises. Renting will give you flexibility to move on as your business expands. Depending on your contract, maintenance of the building will be covered by the landlord, allowing you to concentrate on running the business.
How should I decide on a budget?
Setting your budget from the start will save you time and hassle in the long run. Consider not only how much rent you can afford but factor in business rates, a tax on non-residential buildings in England and Wales. This cost will typically be paid by you as the tenant of the commercial property. You can find out more about how to calculate your commercial business rate here.
Additional costs are likely to include service charges to maintain the common parts of the commercial property, plus a portion of the cost of insurance.
How much space do I need for my retail unit?
It’s important to establish your space requirements early on and to be accurate with your planning. Too much space and your property will look sparse but too little, and your shop will look cluttered. Once you have estimated of the space you need, visit retail units of similar size. Visiting the space will give you a better idea of whether it’s right for you, rather than only seeing it on paper.
How do I choose the right location for my business?
How well do you know your customer? Think about who you’re selling your product/service to and where they shop. Look at neighbouring shops – would your customers also shop there? Retail parks have become destinations, so you need to give your customer more than one reason to make a trip to your store.
At Morris Property, we have a range of retail units available to let from 3,350 sq ft – 5,452 sq ft. View the full range of retail office units, trade counters and industrial units available for rent or purchase here or call 0345 515 0063 to discuss your requirements.
