Although the number of physical stores has decreased ever since the arrival of the COVID-19 pandemic, it doesn’t stop aspiring business owners from opening a business with their own retail space. Online shopping is convenient, but nothing beats walking into a store to see the products for yourself. Buying something online still puts customers at risk of getting a low-quality product. There are other instances where the item delivered to the customer’s doorstep isn’t the one they purchased, which then causes them to give low reviews and demand refunds. I had experienced these unfortunate tragedies in the past when I bought things online. It strengthened my need to own a physical store to go with the online shopping alternative. At least when I get a retail space for lease in Singapore, customers can see and get the item in person.
When I searched for a retail space for my business venture, I realised that there were a few things that I needed to look for and prepare in order to find the perfect space.
1. Meets Your Needs
Before finding the perfect place for retail management, you need to know what kind of business you’re opening. If you’re going to open a restaurant, you need to find a space that is big enough for washrooms. It is considered a turn-off for customers when a restaurant doesn’t have restrooms for those who need to use the toilet. After drinking and eating, people would naturally need to use the washroom after, so you must be able to show that you care about your customers and their comfort. On the other hand, I am planning on opening a clothing store, which means my space needs to have an area for changing rooms. A list of requirements would help you find the perfect retail space for your business.
2. Location
Retail leasing in Singapore also requires you to consider ideal locations. The space may seem good enough for you, but does the location of your store satisfy you as well? Customers should find it easy to visit your shop. If you have a specific target audience, it’s best to pick an area with a high concentration of the people you’re aiming to cater to. The clothes that I’ll be selling are worn mainly by teenagers and young adults. In order to gather the customers I wanted, I found a retail space close to a university.
3. Have Options
Once you find a retail space that meets all your requirements, you can’t help but have this desire to jump into the leasing process immediately. However, before you contact the property developer in Singapore to close the deal, you might want to explore lease options to ensure you have considered all possibilities.
4. A Real Estate Broker
Finding a retail space on your own is possible, but it isn’t recommended. I hired a commercial real estate broker with a good amount of experience so that I wouldn’t end up making foolish and impulsive decisions that could inevitably ruin my business. As someone inexperienced, it really helped to have an expert by my side.
Are you interested in owning a retail space for lease in Singapore? Visit Keppel Land today!
