You all have heard that, when searching for retail space for lease, location is the key. In fact, in the real estate industry, it is given so much importance that it is said three times . . . location, location, location.
We are not here to disprove or even argue with that commercial real estate axiom. There is no doubt that location is important for the owner of a retail business.
But how important is it for retail space for rent? That is the question we will explore in this article.
We are Fort Worth Design District, a brand new business enclave found in the Alliance Area of North Fort Worth. Call us at 817-439-3224 for information about the retail space for lease found in the Fort Worth Design District, and all other commercial property for rent we have in the Fort Worth area.
The importance of location for a retail business
If you are selling a product or a service, you want your retail space to be accessible to your customers. That seems like a no-brainer, right? Without customers, your business will not exist. Ideally, you want good traffic flow going by your storefront. Ideally, you want good foot traffic walking by your store front. This is true of probably 90% of retail businesses.
In addition, you will want adequate parking for your customers and, ideally, you will want to be located near other retail businesses which compliment your business i.e. bring customers to your area in search of related products or services.
That is all Retail 101. It is basic knowledge. It is the central thought when most business owners begin their search for retail space for lease in any city in the United States, and more often than not, those looking for retail space will look, first, in the downtown corridor or, second, in a very popular mall setting or strip-mall setting.
But that business philosophy does not apply to all retail businesses.
But what if your business is unique?
What if your business is completely unique to your area? What, say, if you had the only retail shop selling a particular, popular, item or service? What if you had the only beauty salon? What if you had the only marijuana dispensary? What if you had the only arcade?
In those instances, location is not as important. If you are offering a very popular item or service for sale, the customers will drive out of their way to purchase that item or service. We see it time and time again in the retail industry. A shooting range, the only shooting range, is located five miles out of town, and yet flourishes. The only golf shop in town is on the outskirts of town, away from the central retail district, and yet it is thriving.
In those cases, location is not as important as the item or service which is being sold.
Where is the future of your area?
Finally, we need to talk about the future growth of an area. If commercial growth is moving away from the downtown core of a city, and heading, say, north to a new commercial area, is it better for you to lease retail space for lease downtown or in the new commercial area? Do you want your business to be ideally situated for the future, or do you want it to be mired in a sluggish present?
We suggest you give these things some thought before choosing your next retail space for lease. They are worthy of some serious thought before you lay down the cash for the future home of your business.
A word about the Fort Worth Design District
The Fort Worth Design District is a little over forty acres, in the Alliance Area of North Fort Worth, which consists of three business parks: Box Office Warehouse Suites, where suites begin at $875 per month; Paddock Place Office Suites, where coworking spaces are available for $450 per month; and the Golden Triangle Business Park. Call us for more details if you are in the market for quality retail space for lease in the Fort Worth area.