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Retailers learn to tailor stores for urban real estate, residents

While the economy is slowly beginning to recover, some major retailers are looking for ways to improve their bottom line by accessing a new set of clientele. As suburban populations have expanded, major retailers, such as Target, WalMart and Office Depot, have established a tight hold on those areas.

Now, these major retailers are looking to reclaim an urban set of customers by seeking commercial property in major downtown areas. Shopping may now become more convenient for those who live or work in downtown Charleston.

Of course, the big-box stores that exist in suburban areas don't translate well into an urban setting. As such, retailers are retooling their existing models to create smaller, more convenient city stores.

The retailers are carefully studying the needs of consumers in the city to determine what kind of items they will need, as compared to those in the suburbs. For example, rather than providing items in large quantities, they are selling items in smaller denominations for customers on foot or using public transportation.

Business leaders involved in bringing retailers to urban settings must also consider more than just which products will suit the needs of their customers, but they must also make considerations for obtaining and maintaining the urban commercial property needed to establish their operations. As compared to the suburbs, where land is more readily available, land use and zoning might be more tightly regulated in urban areas.

Securing the ideal property for a business is just as crucial to the success of a business as establishing successful business operations. By seeking the right advice, Charleston entrepreneurs can create a favorable purchase agreement, navigate local land use codes and avoid title issues. This way, the commercial real estate transactions can move smoothly, without any unexpected hitches.

After all, starting a commercial business venture on the right foot can set the stage for future successes.

Source:

  • Our firm has the skills to manage a wide-variety of real estate transactions, including those for businesses. To find out more, please visit our Charleston commercial real estate page.

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