Picking the right location for your retail store. But there is more than just a crowded location. There are certain specifications you should look for when searching for a retail space for lease in Singapore.
Here are the specifications to look for during retail leasing in Singapore:
Perhaps, the golden rule when looking for a place for your retail store is it should be accessible to your target audience. It is not supposed to be in a crowded place, but it should be where your consumer is.
For example, a school campus can be considered a crowded area and a perfect location for businesses. However, if your business is car rental, your company will not thrive in a location near school primarily. Most students live in dormitories that are within walking distance from the campus. They also prefer taking cheaper trains and buses.
But your car rental company will thrive near the airport, another crowded place. Travellers hire cars that will transport them and their baggage to their accommodations. Ask your property developer in Singapore to look for a place accessible to your target audience.
Besides the access, pick a neighbourhood that is secure. You check for the crime rate of an area before leasing a rental space. There is a chance that your business can be a victim of robbery, break-ins, and vandalism, which are additional problems for retail management.
A safe and secure area should have a low crime rate, well-lit, roaming security personnel, and CCTV cameras. Seek these qualities when choosing a neighbourhood for your business.
Does your retail space have electricity and water? Does it have an internet connection? Is power interruption in the place frequent? Does it use renewable energy? Does it flood in the area? Is it safe to use multiple appliances and machines in the retail space? These are the questions you need to ponder when looking for a retail space for lease in Singapore.
Lastly, how much is the rent? Do your potential sales cover the cost? How about the electricity, water, and internet bill? Does the rent also cover the parking space? How about the security every day and the taxes?
Find retail leasing in Singapore that will give you value for your money. A place that doesn’t generate leads and sales is an expense, not an investment.
Look for these things and consider them when searching for the perfect retail space.
Are you looking for a property developer in Singapore? Visit Keppel Land today.