How to Select a Shopping Center Location
When opening a new business or moving an existing one, a shopping center can provide an excellent storefront with built in foot traffic due to the other stores in the center and it location. However, with the amount or shopping centers present in most cities, a person needs to select a shopping center location properly or risk damaging the business.
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Instructions
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Be sure that you can qualify financially for a store in the shopping center. Most shopping centers want to keep the tenant turnover low; therefore, they institute stringent financial guidelines for any business that is applying for retail space in the center. These requirements will vary so you must contact the shopping center management for the specifics.
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Check the credentials of the shopping center management. They will want you to verify that you are worthy of buying or renting space in the center, so you should do the same for them. Ask the other tenants in the center about how they feel about the shopping centers management. Then check out the company with the Better Business Bureau to makes sure the management company has a clean record.
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Evaluate the location of the shopping center and the type of foot traffic it generates. If the location of the shopping center is far away from a major road or population centers, it is likely not a good location for your business. Then you should spend a day just walking around the center seeing the type of people that shop there. These people may not fit the demographic of your potential customer.
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Determine the cost of the space in the shopping center location and compare it to your business' projected profits. If the rent at the shopping center is too prohibitive, it can make it unfeasible to turn a reliable profit at the shopping center.
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Negotiate the lease price of the shopping center location. Most people assume that all prices are final, but all things are negotiable, and that includes shopping center leases. If the shopping center management refuses to negotiate, you should think about selecting another shopping center location.
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