There are a few areas of focus here, the main being location and demand for your type of business in that location.
It is very important to know you’re demographic in order to ensure that you are trading in an area that will work for your business. Research the area, other retail outlets and footfall to get an understanding of what current trade is like before committing. Often what we may think is a great area to live in, may not necessarily be the perfect area for a business, as the considerations are different.
The ‘usage’ type of your business may affect where you locate, as not every site may permit every kind of business use, for example; some mixed use developments may not permit A3 usage (restaurants, pubs, cafes etc) due to the ventilation factor in order to eliminate food smells that may affect the residential units above.
Once you have established a desired area and researched its compatibility to your business in every way, your search for a retail unit can start. This process is much like the one you would apply for a residential research; the differences begin again at point of agreeing the terms.
The lease term, rent review and rent increases, Tenant improvements, sub leases and assignments, service charges, insurance contributions, business rates, size of unit and ITZA are all areas of discussion from the onset. Ensure you have a clear understanding of what you are signing up for, what is required of you and what your legal obligations are as a retail tenant.
Most retail leases are long term and may have an upward only rent review which means the rent can never go down. Therefore it is imperative to make informed decisions and do your number crunching before signing on the dotted line.