Why does location matter so much to businesses? If you’ve decided to open a retail business in a new area, it’s important to find a real estate broker who is knowledgeable about the best areas to set up shop and draw new customers. Every city or town has its hotspots — areas where pedestrians frequently pass by, or walk through, on their way to work or school. These are the areas to target in order to have a successful retail business in a new area. Without the proper consultation and knowledge on your side, it’s easy to fall into the trap of cheap property in the wrong part of town. That is not to say that there aren’t some great opportunities in properties that cost less to rent, but there is a certain premium to be paid on customer-facing properties that actually draw customers. A local real estate broker is someone who has lived in the city you are considering, so they know exactly what works and what doesn’t. Find someone who can tell you about a property’s history: which businesses have operated from that location, which of them have succeeded and which have failed, and why the property is currently on the market. If it’s a long list of commercial and retail failure stories, you’ll know to look elsewhere for your business.
Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.