Are you a small retail business looking to rent a retail unit and a bit stuck on where to start with it all? Or are you looking to leave the current commercial unit that you are renting and are looking for a new home for your business?
Finding a first or new retail unit to rent can be a daunting prospect, especially in the world of online competition and the ever-changing face of the high street. A high street shop is a great way to attract passing business, give your retail company a home, a brand, and show your products at their best. It is also a useful contact space to meet customers face-to-face, enabling you to understand them, and they to understand you.
It is, however, important that you get the right space for you and your business. Here at Boxpod, we understand what businesses need to ensure that they get the right unit for them, encouraging the growth and success of the business. We have a wide range of different retail units to rent, and we hope that one of them will be the perfect fit for your business!
There are several different factors that should be considered when you are picking a retail unit to rent, including the location of the shop, its age and condition, and its size. Customer shopping habits and the high street experience have changed drastically in the past few years, and they need to be considered at the time of renting a new or first retail unit.
Size Matters
When it comes to choosing the best retail unit to rent, size is probably more important than you realise. It can be tempting to go for the greatest amount of space for the least money. However, this might not necessarily be the best strategy to take.
Of course, the price of the retail unit is a big factor, but you should also think about how the space would work for you and your customers.
A good place to start is by thinking about a ‘sales per square foot’ calculation. This requires doing some research into what is typically the ‘sales per square foot’ calculation in your area of the retail market, in the same geographical location. It essentially looks at the average value of sales that are made in each square foot of retail space. This can provide a useful guide into what you should be looking at and how much you could realistically be looking to spend.
One of the major trends that we have seen in recent years is the importance of providing a good retail experience for your customers. And this is another big reason why you need to consider the size of the unit that you are looking to lease.
When it comes to space, you are looking for the ‘Goldilocks zone’.
A retail unit that is too small would mean that it is difficult to adequately present your products, difficult for customers to really see what you are selling, and give an overall feeling of the shop being cluttered and untidy, often making customers feel claustrophobic and overwhelmed. The look of abundance is a well-used tool in retail, but too much means that it can be difficult to differentiate between products.
If the retail unit space is too big, it can make customers feel uncomfortable, especially if they are alone in the shop and would require better planning of the layout. Not having enough products to fill the shop can make it look like there is less choice and make customers feel more vulnerable.
Other Factors
When you are looking to rent a retail unit for your business, there are, of course, other factors that you need to think about.
Financial
It is essential that you look into the financial consequences of the amount that you agree to pay. Think about rent, business rates, and utility bills – and remember, utility bills and insurance will usually be lower if you opt for a smaller retail unit.
For many businesses that open on a high street, success doesn’t come immediately. It can take a while for people to know that you are there, so budget in the possibility that you might not be running at 100% straight away – it can often take up to three years to really become established.
Other Spaces
When you rent a retail unit, there will be other areas that are needed within the shop. For example, you will probably need a toilet, stock room, maybe an office, staff room, and/or click and collect area. If these are not already in the unit, you will need to decide if there is adequate space and budget for these to be put in.
Long-Term
Establishing a business on the high street is a medium to long-term project, so the last thing that you want to do is have to move as soon as you are beginning to prosper. It is important, therefore, to choose the unit wisely, considering the growth that you are projecting. Moving to a new commercial unit is always going to be more expensive than staying put, so think about how you are going to be able to grow your business in the space that you choose.
Accessibility and Planning Other factors include ensuring that your retail unit is accessible, looking into the planning options (if you feel that this is something that might be relevant now or in the future), geographical location, access to parking and/or public transport, or working out how to take deliveries.
Final Thoughts
When it comes to choosing a retail unit to rent, there are, of course, many factors that you need to think about. And one of the most important for now and in the future is its size. Getting the right unit is important to give your business the best chance of success.
It can be useful to have a number of commercial units to choose between, and that’s exactly what we have here at Boxpod. Our range of commercial units for rent guarantees that you can find the shop that suits you best. If you are a business looking to rent a commercial unit, why not have a look at what we have at Boxpod?
If you are a commercial unit landlord, we can also help you find your perfect tenants, so take a look today at how you can get started.