How to Find & Lease Retail Space

Are you in the market for some new retail space? Whether you're just starting out or looking to relocate, finding and leasing the right space can be a daunting task. But don't worry, we're here to help! In this blog post, we'll go over everything you need to know about finding and leasing retail space. From tips on how to find the best spaces to advice on what to look for in a lease agreement, we've got you covered. So let's get started!

What is "Retail Space"?

Before we talk about how to find retail space, let's first define what "retail space" means. Retail space is defined as an area designed for selling products directly to consumers. This can include retail stores, shopping malls, food courts, kiosks and so on.

Retail spaces vary widely in shape and size--from sprawling shopping malls with hundreds of shops to compact boutiques that only occupy a single room or floor within another building. As you can see, there are many different types of retail spaces available for your business!

When Should I Look for Retail Space?

So when should you start looking for new retail space? That depends on the seasonality of your business.

If you run a business that's based on a cyclical sales model (i.e. you sell products that are more popular during certain times of the year, like Christmas decorations in December), then it might be better to wait until autumn or winter to start shopping for retail space.

That way, you can begin negotiations at the beginning of your busy season, giving yourself plenty of time to sign a lease agreement and get all your renovations done before your business ramps up for the holidays.

On the other hand, if you run a business with steady year-round revenue (like an online store), then you should look for retail space throughout the year so that it's available whenever you need it--not just when your busy season starts!

How Should I Shop Around?

You will probably be looking at a range of different retail spaces when searching for your new location.

The first thing you should do is narrow down the type of space that you're looking for--are you interested in a small shop or a large store? Do you need to accommodate a number of employees, or can one person handle it all? Will you have a drive-through? Once you've got your needs nailed down, it's time to start shopping around!

You'll find that not every property listed will meet all your needs, which is why it pays off to get input from other business owners so they can help point out things you might not have thought about.

Once you've narrowed down your search and come up with a shortlist of possible spaces, set up tours with the owners of each property. Property owners should be more than willing to let you have a look around and answer any questions you might have about their space. Make sure to ask these 3 questions when touring a potential retail space:

Does this retail space meet my unique needs? Be sure to tell the owner exactly what you're looking for in your new location so they can help point out which spaces will best accommodate your business's specifications. Have all members of your team tour the spaces at the same time to make sure that everyone is happy with the end result.

What are my rights as a tenant? Many retailers underestimate how important it is to read their lease agreement carefully before on the dotted line--and end up regretting their decision. Make sure you know what your rights and responsibilities are as a tenant so that you don't get stuck with hidden costs or unexpected fees. 

Are there any special limitations on the space? Many owners will want to set up specific limitations for the way in which the property is used--like restricting it to retail use only, or allowing certain types of businesses and not others. If any of these terms don't work for you, then be sure to cross the space off your list.