Six Factors to Consider When Looking for Retail Space
For those looking to lease a retail space in Tampa, there are several key factors to keep in mind to ensure a smooth experience and the best possible outcome. From researching potential locations to negotiating a fair lease to understanding the cost of running a business in that area, here are some essential things you should consider when looking for retail space.
#1 Know Your Customer
It’s imperative that you have identified your target customer base. Knowing who will be shopping at your store is essential as it will help you determine the best place to locate your business. It’s also important to know what type of store appeals to your audience – whether it’s an upscale shopping center or a more laid-back atmosphere.
#2 Know Your Budget
Calculate how much money you need upfront to secure a lease and get started on the right foot. This includes deposits, the first month’s rent, any renovations or improvements needed, and any other monetary requirements specific to the location you’re interested in leasing.
#3 Understand the Rules and Regulations
Have a thorough understanding of all of the rules and regulations. This includes operating hours and zoning codes that could affect how long customers can shop at your store or if certain activities aren’t allowed within the building (such as cooking). Additionally, try to find out about any special permits needed before opening your shop, such as parking restrictions or landscape maintenance requirements; knowing as much as you can upfront pays off in the long run!
#4 Do Your Research
Next, research what amenities come standard with each retail space, as some may include utilities while others require you to pay extra for heating/cooling costs or security services. Other important considerations include accessibility for disabled customers and whether there is enough storage for excess inventory, supplies, etc.
#5 Get a Feel for Your Space
Lastly, visit potential sites before signing a lease to get an up-close sense of how comfortable customers feel when entering. Crucial aspects like temperature control, lighting, and acoustics, for example, should also be considered during this inspection phase! And if possible, bring along with colleagues, friends, or family members who can provide valuable feedback from different perspectives on what they see, ensuring all bases are covered!
#6 What About Foot Traffic?
Foot traffic is essential for any retail business. Take into account the average number of people who walk by each day and the type of customers they are to ensure your store will be seen by the right people. This can make all the difference if you’re in a high-visibility area like a mall or shopping center!
Finding a retail space in Tampa that fits your needs doesn’t have to be a complex process. With careful research and planning, you can find the perfect spot for your business and start building your success story today. Consider all of these tips when searching for a retail lease in Tampa – it will pay off in more ways than one.
HSW Associates has been in the Tampa Bay real estate industry for more than 40 years and has the experience to find your first or next business location. We strive to meet every customer’s needs and have available properties to rent for everyone, including retail space. Contact us today – we would be happy to help!< Back to Blog