All You Need To Know About Setting Up A Business In A Retail Park

Many entrepreneurs think that retail is a good industry to start a small business in. I’m inclined to agree! It’s a popular market, and there are plenty of different types of shop you could open. The key thing with a small retail business is finding the ideal store. Some people think opening a store in a retail park is a great idea. Bearing that in mind, here are some positives and negatives about setting up a store in a retail park:

Positives

Prime Location
Arguably the best thing about a retail park is that your small business is in a prime location. It will be in a place where lots of people will visit on a daily basis. Consumers love going to retail parks because there are lots of shops in one place. It’s easy and makes shopping a breeze. People could go to a different shop, then spot yours and decide to pop in, just because it’s close by. I can almost guarantee you’ll get some customers purely because of the location of your small business.
Parking
One of the great benefits of setting up in a retail park is that you’re going to have a parking lot. This means parking for your employees, but, more importantly, parking for your customers. People are far more likely to go to a shop when they know there’s parking available; it saves them a lot of hassle. Of course, with a parking lot you then have to take good care of it. This means making sure the lines are always clear and painted. Ensuring there’s no litter all over the place. You’ve even got to make sure the stormwater management is working well so your parking lot doesn’t get flooded. Nail all of these things and your parking lot becomes a very important part of your small business.

Negatives

Pricey
Naturally, because retail parks are prime locations, they can be fairly costly. It can cost more to rent out retail space there than in a different location. So, it comes down to your business finances. Can you afford to pay extra for such a good location? For a small business, there’s a definite element of risk about it. Pay more and perhaps see more customers, which means you make more money. Which, in turn, means the retail park becomes more affordable! But, the flip side is you pay more and perhaps don’t see more customers and don’t make more money. So, you end up in a bit of financial trouble. It’s entirely up to you!
Competition Close By
As I mentioned, being around other shops can be good for you. It can actually end up generating more customers as people visit your shop because it’s close by. But, if you’re close to shops that are similar to yours, there could be an issue. You’d end up with competition close by. This could either push your business to be stronger and dominate the competition. Or, it could end up being your demise. Something to consider if you’re thinking about a retail park business.
As you can see, retail parks have their good and bad points. If you think it’s the ideal place to set up a retail business, then good luck!