Retail Property Advice

Finding the right retail property for you

William Barton / Shutterstock.com Every business is unique, and for those who want to enter the world of physical retail, finding the right property is no different. If you’re a retailer ready to take your business to the high street, finding the right place to start can be daunting. It can be a real balancing act, but knowing what to look for before you begin your search can give you a head start. So here are the top things to consider when looking for the right retail property: Location, location, location It may be a cliché at this point, but the old adage rings true: location is one of the most important things to consider when choosing the right retail property. The first thing to consider is your target audience. You’ll want to find somewhere that attracts a demographic that matches your customer base. For example, if your business is looking to appeal to an audience of young adults, an area with a high student population such as in a university district would be an ideal spot. It’s also important to consider your local competition. Depending on the type of business you run, nearby competition either be beneficial to you […]

The power of retail property

The retail property market has had an interesting few years. The pandemic saw thousands of shops close, with some never opening their doors again. Despite a number of setbacks, physical retail is still going strong. We’ve seen a shift in consumer attitudes and the way people shop. Customers nowadays are increasingly looking for an omnichannel offering, with brands making use of both online and physical retail. So what can retail property do for your business? Enhance your brand visibility Making use of retail property can help bring your business into the limelight and increase your brand visibility. Having a strong physical presence – whether that’s on a high street, in a shopping centre, or at a retail park – will help you bring in new customers. Ways that retail property can improve brand visibility include the usage of large signage and window displays, as well as a clean and attractive storefront. Brand visibility is a key building block to building brand awareness, which all the world’s most successful companies have in spades. Having a physical retail space will help make people who frequent shopping destinations recognise your business. Increase customer engagement Retail property can also help improve your customer engagement...

Transforming your retail property into a destination

Turning your retail property into a successful destination can be make or break for a retailer. But what do we mean by a ‘destination’? This simply means somewhere customers will make an effort to go to and spend time at. Compare this to a traditional, transactional retail offering where customers just come to make a purchase and then leave. A shift in consumer attitudes – particularly post-pandemic – sees many customers now only shopping physically for a unique experience. So how can we turn your retail property into a destination? Create an attractive space To create a destination, the property itself as well as the surrounding area must be attractive. This creates a welcoming and safe environment for customers. Research has found that of shoppers who rated a physical retail environment a 5/5, they spent 26% more than those who rated it a 3/5. This is why creating an attractive space is so important, as it can lead to customers spending more money. How do we do this? It all starts with the design. A store’s visuals are the first thing a customer sees, so you want to make a great first impression. This extends to both the interior and […]

Finding the right retail property agent

If you’ve got a business that you want to take to a physical store, finding the right retail property agent is a great first step to take. You may have dealt with residential agents before, which may give you some experience, but working with retail property agents tends to be a longer and more complicated process. That said, their expertise can be invaluable, so here are our top tips for choosing the right retail property agent. Read more: Choosing the right time to start a business Pick a retail property agent with the correct know-how Knowing the right type of retail property agent for your business is the first step to ensuring you make the right choice. Just as residential agents may specialise in different properties, such as student accommodation or mansions, retail agents will have their own area of expertise. For example, some retail property agents may have a focus on out-of-town retail, whereas others might specialise in high street retail or shopping centres. So you want to make sure that you know which kinds of areas you’re targeting before you start looking for agents. The scale of your business will also have an effect on which retail property […]

How to increase shop sales

Congratulations on opening your retail shop! Now that you’ve taken the crucial step of establishing your business, the next challenge is to understand how to increase shop sales and consistently boost revenue. In this guide, we will explore a range of strategies which will help you learn how to increase shop sales. Understanding Your Target Audience Before diving into specific strategies it’s essential to have a clear understanding of your target audience. You likely conducted research into your audience before you opened, but its important to stay updated on industry trends, competitor offerings, and your customers changing preferences. This information will help you make informed decisions about your product offerings and marketing strategies. Begin by creating detailed customer profiles or personas if you havent already. These profiles should include demographic information, such as age, gender, location, and income level. Additionally, consider their preferences, interests, and pain points. By knowing your customers inside and out, you can create a more personalized shopping experience that resonates with them and keeps them coming back. Read more: How to retain your customers Improve Store Layout and Visual Merchandising By optimizing your store’s layout and visual merchandising, you can significantly increase shop sales and create […]

How to increase shop sales

How to write a retail business plan

Starting a retail business is an exciting journey that holds the promise of bringing your entrepreneurial vision to life. However, to ensure your venture’s success, it’s crucial to have a well-structured business plan in place. A business plan serves as a roadmap, outlining your business goals, strategies, and financial projections. This guide will walk you through the step-by-step process of how to write a retail business plan, equipping you with the tools needed to craft a compelling and comprehensive plan for your retail venture. Conduct Market Research The foundation of a successful business plan is solid market research. Identify your target audience, understand their preferences, and analyze your competitors. What unique value will your retail store offer? Define your niche and gather data that supports your business concept. This research will help you tailor your strategies and offerings to meet the needs of your potential customers. Read more: How to start a retail business Outline Your Business Structure Clearly define the structure of your retail business. Will it be a sole proprietorship, partnership, corporation, or LLC? Detail your business’s mission, vision, and core values. Set specific, measurable, achievable, relevant, and time-bound (SMART) goals. These goals will act as benchmarks for […]

How to open a hair salon

So, you want to open a hair salon? Maybe you’ve just qualified as a hairdresser, or perhaps you’ve been working under another brand and want to go out on your own? Either way, having your own space allows your business to reach its full potential. Being prepared is always a good thing, so here are our top tips for how to open a salon: Choose a great location Salons are versatile in that they can pop up in a variety of places: You’ll find them on high streets, in shopping centres, and on suburban parades. Ideally, you’ll want to pick somewhere that’s convenient and accessible, going too far out-of-town means a trip to your salon becomes a journey of its own, and with time-strapped customers, this isn’t a good thing. Once you’ve chosen a location, you’ll need a unit suitable for your business. Size is a very important factor to consider, and how much space you need will be dependent on your business itself. You need enough room for storage, and space for a chair and sink for customers. You’ll want enough space around the chair too, so you and other people can move around freely. Salons also need a […]

How to start a retail business

So, you have the dream to start a retail business? Launching a retail venture can be an exciting and rewarding journey. It presents the opportunity to transform your passion into profit, connect with customers directly, and curate a unique shopping experience. However, like any business endeavor, thorough planning and execution are fundamental to a successful launch. This guide will walk you through how to start a retail business, ensuring you embark on your entrepreneurial journey with confidence and a solid foundation for success. Refine Your Business Idea Before you dive headfirst into launching your business, take time to understand how to start a retail business, including refining your business idea. While you may already have a general concept in mind, or even a specific product or service you want to offer, thorough planning is crucial. Deciding on your niche can take a long time. It requires significant research and the passion to work within a particular market. To help you get started in identifying your niche market, here are a few retail business examples worth exploring: Conduct Market Research Market research is crucial to understanding how to start a retail business, particularly in the context of understanding the current landscape […]

How to open a bar

Opening a bar is a dream for many, and it’s easy to understand why. They can often be a great place to work and running a bar is a highly social and rewarding job, but it can also be quite the challenge. As of 2023, there were over 27,000 pubs and bars in the UK, making it a very competitive industry. There’s a lot of legal hurdles to jump over and it can be financially tough to keep a bar going so it’s important to be prepared so your business can succeed. Here’s our top tips for how to open a bar: Choose a great location Choosing a location is dependent on multiple factors. Target audience, your price range, and competition are all factors to consider. For example, if your intended audience is young professionals, opening a bar in the business district of a big city is likely to draw in a lot of footfall. Similarly, if your business is targeting students, opening near a university campus or near the local nightlife is also a good choice. Price range is also a factor to consider, as your overheads will be reflected in how much your prices cost. Higher rents and...

How to advertise your retail business

Starting a retail or leisure business is an exciting endeavor, but success depends on not only opening your doors but also attracting customers to walk through them. Understanding how to advertise your retail business effectively allows you to drive foot traffic, increase sales, and build brand awareness. For first-time business owners, navigating the world of advertising can be overwhelming. This guide aims to simplify the process and provide practical strategies for how to advertise your retail business successfully, empowering you to take your venture from dream to reality. Understand your target audience The first step in understanding how to advertise your business is to understand your target audience. Conduct market research to identify who your potential customers are, their preferences, needs, and behaviors. This information will guide your advertising efforts, ensuring you reach the right people with the right message. Creat a Unique Selling Point (USP) A strong USP sets your business apart from competitors and gives customers a compelling reason to choose you. Identify your unique qualities, products, or services that resonate with your target audience. Your USP should communicate why your business is the best choice to meet their needs. Remember, a strong USP is crucial for not […]

What is retail?

What is retail? Simply put, its the sale of products or services from a business directly to a customer. It can be anything, really. If you can take a product and sell it directly to a customer – that’s retail. Seems simple enough – but no two retailers are the same. That’s why it’s important for new businesses to understand the market before they get started. The history and evolution of retail Retail dates back thousands of years when local markets served as hubs for trade and commerce. In ancient civilizations, merchants would gather in marketplaces to sell their wares to local residents. Over time, the concept evolved, and with the Industrial Revolution traditional shops transitioned into larger stores. In the 70s the first shopping centre in the UK was opened, bringing various retailers under one roof and offering convenience and variety to consumers. Then the rise of technology in the 80s and 90s gave birth to e-commerce, which revolutionized the landscape. The rise of giants like Amazon, and eBay changed the way people shopped, enabling them to purchase products with just a few clicks from the comfort of their homes. The landscape is still changing rapidly. Many businesses were...

How to open a restaurant

Congratulations on embarking on the exciting journey of opening your own restaurant! As a first-time restaurant owner, it’s crucial to approach this endeavor with careful planning and organization. This guide will walk you through how to open a restaurant and set your business up for long-term success. Step 1: Develop your concept Before you open a restaurant you’ll need to develop a strong concept. Decide on the type of cuisine, ambiance and unique selling points that will make your restaurant stand out from the competition. Research the market to identify gaps and trends, ensuring your concept meets the demands and preferences of your potential customers. From this you can start to build the brand of your new business. Your restaurant name, logo, design, and any merchandise should all present a cohesive image of your brand. Step 2: Create a menu Craft a well-curated menu that reflects your concept and caters to your target audience’s preferences. Your menu will dictate the type of equipment you’ll need, the skills you should look for in your staff, and the type of customers you hope to attract. A well thought out menu can guarantee the success of your restaurant. Offer too many choices and you...

How to succeed in retail

Learning how to succeed in retail isn’t easy. It can take blood, sweat, and tears, but getting it right can be extremely rewarding. It can feel daunting, starting from scratch. However, many successful retailers started from garage projects or out the back of vans. Take Richard Branson for example; his story with Virgin began selling records via mail-order out of his house. Now, his media empire is worth billions. So to help you learn how to succeed in retail, here are our top tips. Be prepared Success in retail can really come down to getting a good start. You can start by writing a business plan. This is a formal way of laying out your goals ahead of you, the timeframe for these goals, and the next step. Plenty of websites offer pre-formatted plans, or you can design your own. Knowing the costs associated with your business and ensuring you’re prepared in advance will benefit you greatly. If you’re opening a physical store, it helps to know costs such as rent, business rates, and fit-outs. You can read more about the costs of opening a store here. In a world of high inflation and lower consumer spending some retail businesses...

What is visual merchandising?

Visual merchandising is a crucial practice that often gets overlooked by first time shop owners, but understanding how to use it effectively could significantly contribute to the success of your retail business. Why is visual merchandising useful? Visual merchandising is presenting your products in a way that is visually enticing to your target audience. It involves the placement of your merchandise, use of attractive displays, and creation of an immersive shopping environment. By employing effective visual merchandising techniques, you can capture the attention of potential customers, increase foot traffic, and ultimately drive sales. One of the primary goals of visual merchandising is to create a consistent brand image. Your shop’s visuals should align with your brand’s identity, conveying a clear message to your customers. This can be achieved through careful selection of colors, textures, and materials that reflect your brand’s personality. Visual merchandising techniques Lighting is a powerful tool that can significantly influence the mood and ambiance of your store. Consider the type of products you sell and the atmosphere you want to create. Soft, warm lighting can create a cozy and inviting atmosphere, while bright, white lighting can enhance the visibility of products and evoke a sense of modernity....

How bricks and mortar retailers can learn from online payments

In recent years, a significant shift has taken place within the retail landscape. For the first time, research indicates that customers consider the payment journey to be the most crucial aspect of their shopping experience. With the advent of fintech, this shift is not limited to just online shopping, but it is also revolutionising the in-store experience. Fintech has become an integral part of the retail industry, enabling merchants to adapt to the uncertainties of today’s market. One of the key innovations within the fintech space is checkout finance, which empowers customers to pay with flexibility. This helps them to not only take advantage of deals that were previously out of reach, but also better manage their cash flow overall. The emergence and growth of checkout finance The rise of checkout finance can be attributed to several factors. First and foremost, customers have increasingly sought out options that allow them to spread the cost of their purchases over time. Traditional credit options’ applications are often tedious and time-consuming, requiring lengthy forms, whereas today’s checkout finance provides instant approval in many cases, and a seamless buying experience. In addition, the ongoing reality of the macroeconomic crisis has led 69% of customers...

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Young business woman calculating business rates

How to calculate business rates

As a first time business owner, you are likely wondering how to calculate your business rates. Business rates are a tax on non-domestic properties, such as shops, offices, and factories. They are calculated based on the rateable value of your property, which is an estimate of its annual rental value. The amount you pay will depend on a number of factors, including the size and location of your property, the type of business you operate, and whether you are eligible for any relief. This can seem overwhelming, but we’ve put together a step-by-step guide to help you calculate your business rates and understand your bill. Find your rateable value The first step is to find your rateable value. This can be done by contacting the Valuation Office Agency (VOA). The VOA is a government agency that is responsible for valuing non-domestic properties for business rates purposes. Determine your multiplier Once you have your rateable value, you need to determine your multiplier. The multiplier, also known as the UBR, represents the percentage of the rateable value used to calculate business rates. The government sets the UBR annually, and it differs depending on the region and property type. The standard multiplier is...

What is experiential marketing?

Experiential marketing creates an experience for the customer rather than attracting them through traditional marketing methods. This can be done through live events, social media, or even in-store displays. The goal of experiential marketing is to create a memorable and engaging experience that will make the customer more likely to remember your brand and want to do business with you again. Why is experiential marketing useful? There are a number of reasons why experiential marketing is a useful tool for businesses. Most importantly it can help to create brand awareness. When potential customers are more aware of your brand and have a positive experience, they are more likely to remember it when they’re ready to make a purchase. Experiential marketing can also help you to build relationships with your customers. When you can effectively connect with your target audience and provide them with an enjoyable experience, it can also allow them to see the benefits of a product, and help to build trust and rapport. This can lead to increased loyalty and repeat business. Loyal customers are also more likely to talk abour your brand or products to others. Word-of-mouth advertising is highly effective, especially when driven by a loyal...

How to set up business insurance

As a first-time UK shop owner, it is important to protect your business by setting up business insurance. Insurance can help protect your business from financial losses that may result from accidents, theft, or other unforeseen events. This can seem daunting to a first-time shop owner, so here’s our step-by-step guide on how to set up business insurance for your shop. If you’d like to learn more about how to set up business insurance, you can find resources online or consult with a financial professional. Step 1: Determine the type of insurance you need Before purchasing any insurance coverage, you need to determine the types of coverage that your business needs. Some of the common types of insurance coverage that UK shops typically require include: Step 2: Shop around for providers Once you have determined the types of insurance coverage your business needs, the next step is to shop around for insurance providers. Start by researching different insurance providers that offer coverage for UK businesses. You can check comparison websites or ask other business owners for recommendations. When comparing insurance providers, look for providers that have experience working with businesses in your industry. You should also consider the price, coverage...

How to open a business bank account

Congratulations on starting your own business! Now that you’ve taken the exciting step of becoming an entrepreneur, you’ll need to take care of some essential tasks to get your business up and running smoothly. One of the first things you’ll need to do is open a business bank account. A business bank account keeps your personal and business finances separate, making it easier to track your income and expenses, manage your cash flow, and build business credit. It also provides access to a variety of banking services that can be essential for running your business, such as online banking, checks, and merchant services. This article will walk you through the steps of opening a business bank account, including what you need to know before you apply, what documents you’ll need to gather, and what to consider when choosing a bank. Why do I need a business bank account? Before we dive into the details, it’s essential to understand why you need a business bank account. First and foremost, opening a business bank account allows you to separate your personal finances from your business finances. This makes it easier to track your income and expenses, which can be crucial for tax...