STARTING a new business or looking for new premises to set up shop requires plenty of careful planning to ensure success.
New premises will take up a sizable portion of your budget, so strategise accordingly. Whether buying or renting, there are a number of factors to consider when choosing a retail unit.
Type of goods or services
Some businesses will require a ground floor unit thus incurring higher rentals. A convenience store or mini-mart needs more than just a ground floor position but also a loading bay for delivery trucks.
Such stores should also be easily accessible with ample parking for customers. Other businesses such as salons and spas can operate from the upper floor.
The type of business will also determine the visibility required. Food and beverage outlets typically require good frontage to attract footfall.
Demographics
When choosing a retail unit, the area’s demographic will be a key factor. Does the local populace fit your customer profile? Finding a location that matches the target market will be crucial to the success of the venture.
For instance, an upmarket boutique specialising in winter clothing should be located in an affluent neighbourhood with a catchment of customers who can afford regular jaunts abroad.
Competition
It is always good for business owners to perform their due diligence on a retail unit’s viability by checking out the competition.
Some businesses will thrive in a location with many similar or related shops. For instance, a computer store usually does well when lumped together with other related businesses that attract tech heads.
The same goes for high fashion outlets and even pubs.
Those dealing in fast-moving consumer goods may want to avoid setting up shop with competition as it will likely lead to a price war.
All that being said, check out edumetro at https://edumetro.com.my/ for the ideal retail space to set up your shop. – Feb 22, 2024
