Finding a small retail space for rent is an exciting time for a business owner! Although it might feel like eCommerce reigns supreme, brick-and-mortar storefronts are incredibly valuable in the retail sector. Your storefront is your home base – a place where you can meet and connect with customers, host community-building events, allow customers to experience products before the purchase, and more.
There is much to consider when leasing a commercial space. For example, it’s important to understand how it will benefit your business, how much space you need, what kind of amenities you require, the type of community that surrounds the space, and certain legal implications.
Benefits of Leasing Small Retail Spaces
Whether you want to expand your online shop or you have an idea to start a business from scratch, utilizing retail space can be a huge advantage.
- Find work-life balance. Working from home and running an online shop has many advantages, but it can become overwhelming once business is booming. Suddenly, your garage is a storage room, your dining room is a packing center, and your office is filled to the brim with paperwork! Utilizing retail space in a neighborhood where your target audience lives will help you reclaim space in your home, allow you to enjoy spending time in your private space, and help you separate your work life from your home life.
- Generate more sales. Commercial retail space in a neighborhood with other small businesses allows you to take advantage of foot traffic, which means you have the opportunity to find new customers without doing any extra work! Also, you can talk to customers as they shop, explain the benefits of certain products, and recommend additional items – this makes it easier to double or triple sales.
- Create an experience for customers. Your website is a good way to introduce shoppers to your brand and give them a feel for what you stand for. However, a small retail space provides an all-encompassing experience that can draw customers back time and time again.
What Every Small Retail Space Needs
If you are interested in taking advantage of the above benefits, it might be time for you to start looking for retail space for rent! Let’s dive into what every small retail space needs to function properly.
Enough space
You can use this formula to determine how much space you’ll need to operate your business:
Gross sales volume ÷ sales per square foot = size of selling space
If you run an online store from home and you’re looking to transition to a brick-and-mortar location, you can add up the square footage of the spaces you use to operate your business. For example, that might mean the size of your garage plus the size of your office.
If you’re starting a retail business from scratch, it would be useful to browse comparable retail spaces in the area to get an idea of how much space you might need. It might be helpful to talk to some business owners while you’re at it! Most often, other entrepreneurs are happy to extend a helping hand – especially if you will be working in the same neighborhood. Community is important in the small business sector.
Functionality
A retail space should make every customer’s shopping experience easy and pleasurable. Certain features like WiFi, adequate lighting, security features, and a spacious check-out area might be the first things that come to mind. However, it’s important to consider customers who have unique needs. For example, how easily can someone navigate a wheelchair or baby stroller through the front door? Are there bathrooms for employees and customer emergencies? Will there be enough room for a seating area for customers that have difficulty standing for long periods of time?
Aesthetic features
Aesthetics are very important for small businesses. Most likely, you’ll want your shop’s atmosphere to support your brand. When it comes to small retail spaces for rent, you have a few options here:
- Rent a space that allows you to achieve your aesthetic goals through décor alone.
- Make non-permanent changes (lighting, paint, etc.) to your leased space.
- Perform renovations to create the ideal shopping experience.
These are important things to consider when finding commercial retail space for rent because the building owner may put restrictions on the types of changes you can make. Furthermore, the city may have its own rules as well.
For example, a landlord might have in the lease that you cannot make any major cosmetic changes, like replacing the flooring. And the city might have a rule that says you can’t paint the storefront certain colors.
A great location
Foot traffic is incredibly important for retail spaces, as is safety, type of clientele, and ease of access. Be sure to tour the area, whether alone or with a realtor, to assess the type of community you’re settling into. If you don’t live in the area, you don’t want to be surprised to find that you’ve opened up shop where there is no demand for what you’re selling!
Final Thoughts
If you’re looking for retail space for rent, keep in mind that some landlords may have specific needs when it comes to your store. It’s best to be prepared and know exactly what you need before beginning the search. Doing so will save you time and money as well as help you find a space that accommodates your needs.
Speed Commercial Real Estate is here to help you find the best space to operate your business in Jackson, MS. Not only will we locate the best commercial retail space for rent, but we will also help you understand leasing contracts, negotiate with building owners, and provide valuable information about the area. Contact us when you’re ready to find the perfect small retail space for rent!