Retail Location Advice—What to Consider

George Pino is the CEO of Commercial Brokers International.

Location location location…  We’ve all heard the saying before as it pertains to real estate, but what exactly does it mean when you are looking to lease a space for your business?  This varies with what type of business you have as well as what you’re looking for to help ensure the success of your business.   The right location can mean either the success or failure of a business.  Don’t be afraid though, it can be a relatively straight forward process and overall there are five main components you should consider for your retail space.

Demographics.  First and foremost you should be looking at the demographics that fit your business.   Income, density (number of households), even lifestyle will all be pertinent to finding the right location.   When looking at demographics for a neighborhood, you will want to consider what the average income for the area is and does it match your product?  Sometimes a higher end income demographic may not be the best choice, especially if your product serves a lower income market.  Density, are there enough people that live in the area to support your business, or will your customers have to travel further distances for your product?  Lastly, lifestyle.   Does your product fit the lifestyle for the community you are serving?