REALTY : 5 Things New Retailers Should Keep in Mind While Buying a Store

One thing that matters most when you are looking to buy a new or retail store is - ‘Location, location, location’. A few things you should keep in mind while buying a shop is:

Footfall in the Market: You might have the best showroom ever and you might be offering the most exclusive merchandise in the market at all-time low prices but if no one ever comes to the place, how are you ever going to ‘sell’ your wares? A tiny hole in a buzzing marketplace or a small retail store in a popular Mall is better than huge spaces in remote areas.

If you are opening up a new business, you can attract potential customers by buying a retail store next to an already established one – with similar type of merchandise.

Concentration of Target Customers: Analyze your target customers and places where they reside or visit regularly. Rich crowds can be found in discos, five-star hotels, high-class restaurants or in up-class market areas near posh residential and commercial areas.

Easy Visibility and Accessibility: If you are hidden from the eyes of your customer, how will they come to you? So, buy a shop that is easily visible from the main market street. Shops in front side of the malls sell more for this very reason.

Parking Space: Make sure that there is adequate parking space in the market area or mall where you set up a shop. Parking hassles can cost you some good and loyal customers.

Readymade Shops if you are Ready to Start Business: If you are ready to open up a new retail store or want to open one in next 6 months, buy a shop that is ready-to-open. You can book a shop in upcoming malls only if you are planning to start your business in 5 to 10 years from now.