Every business has unique requirements in order to run smoothly and profitably. When searching for an ideal retail space, we will need to take into account your business’ unique needs first and foremost. Consider things such as population density and income, accessibility to vehicles and pedestrians, frequency and size of incoming and outgoing shipments, and even whether other nearby businesses will compliment or compete with your business.

It is rare that a property will be exactly the way you want it from the start and renovations can quickly become expensive. Determining what will need to be changed is a key factor for choosing any property, in addition to determining whether you, or the landlord, will be paying for or making the necessary improvements. In addition to this, some renovations may be barred due to zoning or heritage regulations, and may require the approval of a local board. This can become a deal breaker if some much needed renovations are not an option from the start.

Since taxes can vary between municipalities, it is important to know what they will look like in the place you plan on locating your business. Additionally, it is also important to take note of the state of the local infrastructure and what utilities will be available to you, such as road conditions, garbage pickup, electricity, heating, cooling and internet access.

Hopefully, your business will grow and you will need extra room to expand or contract. Negotiating these terms in the beginning of the lease process is always preferred.

Beyond determining what is essential and non-essential, it is important to look at the security of the neighborhood in for buildings you are considering. A retail business cannot thrive if it is in an insecure location that has crime or non-existent public safety measures. When narrowing down the list of potential retail spaces, we look at security system options, sufficient lighting, and whether the building is stand alone or multi-tenant.

Once you have several potential locations to choose from, making lists of what the space must include vs what would be nice for the space to include can dramatically streamline your decision. What is essential should be a relatively short list of features and criteria that your business will need in order to run and any building that doesn’t meet these standards should be removed from consideration. It is then time to determine which locations fits your requirement the best, which usually can be done using a simple ranking system.