As more consumers turn to online shopping for convenience , retail spaces continue to account for the majority of purchases.
US market research agency Forrester estimates that while 53% of all purchases are influenc by digital channels (researching products and reading online reviews, for example), 75% of all retail sales in Europe take place in traditional stores.
As e-commerce has boom during the COVID-19 pandemic , physical stores have become hubs for buy online, pick up in store options.
There’s a reason digitally native direct-to-consumer (D2C) brands like Warby Parker and Everlane have decid to open physical stores: When design well, they act as outlet centers that drive sales, customer acquisition, and loyalty.
But that’s precisely where the challenge lies: how do you find the ideal location to open a retail space?
In this article, we will explain:
Should you rent or buy? How much square footage do you ne? Does the area attract a decent amount of foot traffic ? In addition to answering these singapore whatsapp number data questions, you will likely ne to hire a commercial real estate broker and an attorney to help you negotiate a favorable lease.
what is a retail space
what are the benefits of a retail space
how to find retail space
Rent or buy: the advantages and disadvantages
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A retail space is a physical location where retailers sell top 10 plus baton rouge louisiana classifis products and services to their customers. They can be found virtually anywhere there are customers to serve: shopping malls, busy metropolitan areas, suburbs, and even pop-up stores .
How is a retail space defin?
Retail spaces are distinguish from other commer cell p data s in that they are built to optimize customer flow . They are design so that customers can freely walk around the space and discover the products. In addition, retail spaces usually have a back room, which is a storage area where retailers keep and sort inventory that is not on the sales floor .
Retail spaces are also easy to get to, usually by public transportation or car. Some retailers choose to locate near “anchor stores ,” which are very popular stores that generate a lot of foot traffic in the surrounding area.