Looking to rent a store for your medical practice, restaurant, or new retail concept, but wondering ‘what makes a good shopping center?’ There are a myriad of factors go into making a good shopping center, regardless of the type of retail store you’re starting. Here they are –
1. Neighborhood
You will naturally want to be in a good neighborhood with low crime rates, especially when it comes to burglaries. Be sure to pay attention to the neighborhood of the shopping center, and look up historical crime rates of the area.
2. Busy Street
Is the shopping center on or near a busy street? Look up traffic counts (i.e. how many cars pass by per day). You can get this online or ask your landlord to provide this information. You will also want the shopping center to be near other main roads, often called corridors, which connect your store to other nearby towns – ultimately increasing your customer potential.
3. Near Other Retail
Is the shopping center near other retail stores? Retail usually tends to cluster, which is effective when it comes to attracting more customers. All things being equal, a shopping center not near any other retail is unlikely to do as well as a shopping center near other retail.
4. Dense Population
Is the shopping center in a densely populated area? Ideally, you’d want to be in an area that is well populated – giving you the chance to connect with more prospective customers. Ask for population density in a 1 mile and beyond radius.
5. Demographics
Is the shopping center in an area that matches your store’s audience demographics? Generally, you’d want to be in an area with at least the average income or higher depending on the type of audience your business caters to.
6. Clean and Well Maintained
Is the shopping center clean? What about maintenance? These are important considerations when it comes to making the right choice for your business.
7. History of Other Retailers
Do the other retailers have a history of success in the shopping center? Have they been around a long time? If you notice a lot of turnover in stores, then you may want to stay away.
8. Affordability
Is the rent affordable for your budget? If you cannot afford to keep up with the monthly bills, you may have to look elsewhere.
9. Landlord Responsiveness
How responsive is the landlord when it comes to requests? If other stores around have the same landlord, find out how responsive he or she is when it comes to maintenance and other issues that need to be addressed.
10. Good Visibility
Is there good visibility for your store? Ideally, it should not be too far back from the road or center because this will affect how many people will turn into the shopping center. Retail close to the street generally does better.
11. Parking
You would also want the shopping center to have adequate parking so that customers have no trouble accessing your store.
12. Sense of Vibrancy
Are there signs of vibrancy in the shopping center? Are there people moving in and out from store to store? In a perfect world, you would also want stores that complement your business, giving you access to a bigger customer base. Even if the stores aren’t directly complementary, good foot traffic in the center is generally good for you.
13. Access
Can customers access the shopping center from both sides of the street without any trouble? This is important if you are looking to increase traffic.
14. Presence of Competitors
Are there too many competitors in the area? Ideally, you’d want to be in a shopping center with fewer competitors so you don’t have to fight with multiple businesses for the same customer base.
Use these considerations to help you determine what makes a good shopping center for your future business.
