Essential guide to renting the retail unit for your business
25th July 2011
Branching out into retail can be an exciting prospect, particularly if you feel you have products that the public would love to purchase. But finding the best retail unit to allow your products to flourish is the ultimate challenge.
Ultimately your retail space
should be large enough to hold your existing inventory as well as have potential to stock further products in the event of new product lines.
Discuss your favoured premises with former tenants
If you get the opportunity to do so, chat with the previous tenant of your favoured retail unit and discuss any potential issues they may have had during their time, be it security, revenue, rent or any other problem. This will give you a far more rounded perspective of the unit than listening to the landlord alone.
Consider the level of footfall that your retail unit will encounter. Is it close to popular High Streets? Is it located within a busy shopping centre? Is there adequate parking available? Would you encounter much competition nearby? These are just some of the issues to take into consideration when calculating the number of potential customers to walk through your premises.
Be prepared to negotiate with landlord
Inexperienced tenants may decide to leap at the first rental offer from the landlord, but it is important to negotiate and haggle. If you have a set figure you are prepared to pay for rent then why not start by offering a lower amount – you never know you might just secure a bargain!
Include your lawyer in the negotiation process
Once you have an agreement with a landlord on paper it is important your lawyer oversees the documentation and the small print to avoid any misunderstandings that could be as serious as defining the success or failure of your retail business.
Health and safety
Please be aware that with any retail unit you choose to rent you have general legal obligations such as the health and safety of employees and visitors to your store. Communication with your landlord is essential to carry out these responsibilities to the required level.