The convenience and popularity of online purchases are becoming such a hot topic that it might seem like retail space is losing its importance, but brick-and-mortar retail is still responsible for the majority of purchases. It is as important as ever before to have the best retail space for your business, but what things should you consider when choosing the perfect real estate?
Plaza Companies has been one of Arizona’s leading commercial real estate firms for almost 40 years. One reason for this is our extraordinary insight into real estate trends that help to meet your business’s needs. Our real estate expertise is one of the many reasons investors come to us for innovative solutions. Read our article below to learn about 5 things you may want to consider when deciding on retail space for your business.
Why is Retail Space Important
The first thing you should consider when deciding which retail space is right for your business, if any, is what retail space can do for you. Even though more and more purchases are influenced online, 78% of all retail sales in the US still happen in brick-and-mortar stores. Consumers still value the ability to touch and experience their products. When retail locations are used correctly they can improve customer experience by acting as brand hubs. Satisfied customers are the key to any retail business, making this maybe the most important thing to consider about retail space.
Building Your Brand Through Retail Space
You should also consider how your brand can be built through your physical storefront. Retail space has the ability to act as a form of marketing. Even for digital-first brands, opening a retail store can be an opportunity to curate an immersive experience that represents your brand to your customers. A storefront can also serve as a reminder of your products to anyone who passes your storefront during their day-to-day activities.
Customer Experience
A retail space gives brands more control over their customer experience from beginning to end. Creating a face-to-face touchpoint with your customers can set your brand apart from customers. Retail stores are a calculated representation of a brand and what the experience should be. They also provide ample consumer data and feedback that can be used to improve your products and processes, making customers feel heard and understood.
Retail space can also improve customer experience for online customers. Shoppers can see a product in person before purchasing online, quickly and easily speak with representatives about certain products, and local customers can even stop by and pick up online orders so they can receive them more quickly than they would if they were to be shipped out.
Location, Location, Location
There are also many things to consider about the specific location that you choose to serve as your retail space. Retail space serves a different purpose than other commercial real estate, it needs to consider customers over business efficiency. When choosing a location you need to consider:
- Traffic: Industry experts will tell you that the number of pedestrians that pass by your retail space every day is an important metric to consider when determining the potential success of your store. Traffic counts give you a quick measure of potential customers.
- Access: This includes how easy it is for potential customers to get to your store. Is your property on a corner with a street light? Is it close to your target market? Are there related amenities nearby?
- Building Appeal: Even at a location with heavy traffic and easy access, the store layout and appearance can impact customer experience and retention. For example, customers usually don’t want to walk too deep into a store, so many retail spaces are more wide than deep to give the impression that everything is near the front.
Plaza Companies is Phoenix’s Premier Commercial Real Estate Expert
As one of the top Phoenix development services companies, Plaza Companies has partnered with a diverse range of clients. Our team of experts ensures our clients’ highest standards are met. We provide customized services designed to target cost-efficient operations and build a strong ROI. Contact us today to learn more about our development and commercial construction services.