Top Considerations When Seeking The Perfect Location For Your Retail Business
If you’re opening a retail store, you wouldn’t want all your hard work to go to waste by choosing the wrong location for your business. For one, you could get tied into a long-term lease agreement for a location that might end up not driving enough foot traffic. Or you could end up with a shop that doesn’t have enough space for all your merchandise.
As you look for viable locations for your retail venture, keep in mind that competition for space can be tough. In any case, make sure to consider the following factors when selecting a suitable location for your business.
A retail store situated right where your target consumers are could mean great success for your business. This is why it pays to select a location where there’s high foot traffic or an area where many people regularly pass by. There are many ways to leverage such a strategic location such as by creating eye-catching window displays that could draw potential customers, even those who wouldn’t otherwise come inside your store and check out your goods.
Size and space
It’s also crucial to figure out how much retail space you need. Do you need a spacious shop that can accommodate all your merchandise and marketing displays, or would a smaller space suffice? Determining the square footage is a difficult yet important undertaking as this will help you narrow down your choice of location: a brick-and-mortar store, a space at a mall, a home-based shop, etc.
There are also supply chain concerns you’ll have to weigh in when picking a business location. You might need to have ample space to stock up your products and set up an office. If you’re opening a retail business that requires space for the store proper, a stockroom, and an office, choosing a two- or three-storey commercial shophouse can be advantageous, especially one in prime areas with high foot traffic.
In Malaysia, developers like KCC Realty (Winner, Best Commercial Developer) have been developing commercial real estate spaces that cater to the needs of business owners, having built plenty of business parks in and around Kuala Lumpur. Business parks are especially attractive to entrepreneurs because these are constructed with their needs in mind, with facilities like security, parking, and centralized air conditioning built in.
Types of products sold
Nowadays, there is no limit to entrepreneurs’ creativity in terms of where and how they set up a store, whether it’s a pop-up location, a local market stall, or a permanent storefront. Alternatively, you can test different locations before signing a lease on a permanent store. It pays to pick a location that aligns with the types of goods you sell, but at the same time, don’t be afraid to get creative.
Almost any type of product will look good when presented in an ornate glass display case, whether it’s baked goods or vintage watches, especially if the store is in an attractive commercial building. Take for instance Tanah Sutera Development Sdn Bhd’s Sutera Square (Winner, Best Retail Architectural Design), a Tudor-inspired commercial space that will imbue a classical flair to any retail establishment, be it a small café, a vintage items’ shop, or a used books store. If you open a store in the soon-to-rise Sutera Square, you could draw in potential customers who prefer to do their shopping in spaces accentuated with high ceilings, airy surroundings, and plenty of natural light.
In most cities or towns, local governments set zoning rules that mandate how buildings can be used. Thus, it’s recommended to contact the local city hall to inquire about concerns regarding signages that businesses are allowed to use and whether it’s permissible to open your retail business in a building located in a residential district. You would also be well-served planning for your store’s future construction projects, particularly how these could affect traffic in the area.
Some enterprising retailers might simply opt to open a shop in a township where retailers serve an important function in the community. For example, opening a store in a commercial hub like Matrix Concepts Holdings Bhd’s (Special Recognition for CSR) Sendayan Merchant Square would eliminate concerns regarding zoning. This is mainly because mixed-use developments are in zones where business operations are not restricted. These zones typically fall under a zoning classification that combines commercial, residential, industrial, and institutional uses.
For decades, developers like Matrix Concepts have been developing holistic, sustainably built townships that serve not just residents but also businesses. This is one of the reasons why opening a retail store in such a mixed-use development is perfect.