What premises can be called street retail?
Looking for a street retail for rent, we clearly understand that this should be a commercial space on the ground floor of a building (both residential and non-residential) with a separate entrance and large windows. However, as it turned out, not all properties that fit these characteristics can be called street retail.
What defines street retail?
The key characteristic, of course, is trading potential – that is, the level of opportunity to effectively conduct business, and this is formed from many parts that can be interchanged, but one component remains the same – location.
Why is location so important?
By renting street retail (translated from English as “street sales”), we are practically preparing for the fact that consumers can be attracted literally from the street. If you rent a shop space in an industrial area, where most of the time the streets are deserted, then doing business in such conditions will be difficult.
Audience and placement
Not only the number of people passing by your store every day is important, but also the interests and purchasing power of this audience. For example, an elite boutique in a residential area will most likely not be in demand, but visitors will visit a pharmacy, a sausage store or a nail salon regularly. By the same principle, in areas near the metro it is better to place a small fast food, coffee shop or flower shop.
What should be taken into account for the correct operation of street retail?
• Interests of the target audience;
• Estimated income level of people passing by;
• Legitimacy of doing business for certain groups of goods;
• Consumer comfort. Opening a late-night restaurant near a residential area can cause dissatisfaction among people living nearby;
• The technical characteristics of the premises must be suitable for a particular type of activity. For example, if your products require specialized refrigeration, make sure you have enough electrical power before renting a space.
Street retail rentals can be quite high. It will seem to many entrepreneurs that it will be much cheaper to rent a MAF, which in many respects is in no way inferior to street retail. However, a large investment with the right approach can pay off pretty quickly.