As the retail industry is expanding with modern technology, has also affected the way of branding, marketing, and the way of retailers used to manage their business. Now, it’s no longer a case of simply stocking shelves with desirable goods and waiting for customers to browse and buy. In the new commerce age, technology has sparked the mindset of enterprises who are coming up with high-tech ideas for their retail startups. These evolving business culture is also reshaping the retail industry with a hanging question on the future of many enterprises which are lagging behind in the evolution race.
But with digital disruptions and economic challenges retailers can successfully battle out to gain their consumers’ attention, and in return, earn their business goals. One of the ways to do this is by choosing the right digital and physical retail environment. While digitally you can find several apps and technologies in the market, from the physical standpoint finding the right space to open your new retail store is critical for its success, as location, size, price, and parking are all important decisions that can give positive as well as negative results. When you’re looking into the commercial real estate market, you will find different options that might relate to your budget and business type. Like for smaller businesses it would be effective if they go with limited inventory. Others might prefer larger spots in shopping malls, or even stand-alone buildings if they can afford it.
Here are a few steps that will help you make the right decision if you’re looking to create a successful retail store:
Select the right location: The commercial building you decide has a massive impression on your business. It should be ideally located to enhance your operations while respecting zoning and environmental regulations. Like in Delhi NCR, and Gurgaon the location is an excellent place where the city and its satellites have housed some of the biggest International and national companies, serving them with superlative connections to public transport from Delhi metro and Indira Gandhi International Airport. Through a network of national and interstate highways, the region is filled with facilities like business parks, tech-parks, residential high rises, banks, hospitals, shopping malls, petrol pumps, restaurants, etc. A retails outlet in any of these locations will help you get the maximum footfall.
Be aware of costing: Commercial buildings come in a broad category of locations and prices, so you have to know what your requirements are and how much you can manage to pay. If you’ve worked on a business plan, you probably know the amount you can spend on rent or a mortgage, utilities, and taxes. A cash-flow analysis will help you determine whether you can afford to purchase a commercial property or if renting is your only viable option.
Adapt your selection to the needs of your customers: If you’re a retailer, you probably want to make sure there are ample parking and pedestrian space as well as an attractive decor and facilities like washrooms within the store layout. This is why several brands prefer a mall, which comes with such added brownies.
Consider local taxes and infrastructure: Taxes vary between municipalities, with some towns offering preferential rates in the hopes of attracting businesses. Your commercial real estate agent should know what the taxes will be, as well as the infrastructure and utilities including internet access, garbage pickup, roads, electricity, and natural gas that are available at the sites you’re considering.
Store design: The use of strategic floor plans and space management, including furniture, displays, fixtures, lighting, and signage, would result in a hassle-free store design. Have a good conversation and brainstorming session with your architect and interior designer about the available layout and how you can use it to create a highly attractive store.
In this video, a world-renowned retail designer explains how small and medium-sized retailers can design their stores on a budget and through online tools.
Also, do not forget to make optimum use of social media platform to win clients attention:
The majority of commercial real estate buyers go online for their search, but what makes social media and real estate marketing such a pair for agents? According to one study, 94% of millennial and 84% others used various sites to search for their future office space. Social media is a major lead generator for commercial real estate businesses, yet most real estate brands fail to maximize their efficiency online. Hence, by sharing your content strategy and optimizing your current and future social media posts. You can achieve great results for your retail store.
How do you see your retail stores? If you’re tired of getting uninteresting ideas that are not helping you to achieve success, here you can avail the best ideas to design your retail stores and attract more customers.