Renting a Retail shop

[Farasat Ali]

Dear members,

Hope everyone is doing great.

I am seeking advice and guidance from fellow members on how to secure a shop location as new startup. Specifically, how to secure a shop lease as a new business startup.

I would greatly appreciate it, if any member could recommend someone or connect me with the right person.

Looking forward to it.

Regards

 

[StevensOnln1]

Go around the area you're interested in and look for empty shops. Many of them will have signs up with the name and contact details of the agent. Once you've chosen one get a solicitor to review the lease before you sign anything, as commercial leases often run to dozens of pages and could contain almost anything.

 

[MOIC]

As a new start up . . . . . . .my advice is not to open a retail shop.

Am I being harsh?

Possibly, but that's the advice I would give, until your 100% convinced that your business will last the duration of the lease.

 

[Mark T Jones]

In no particular order - but all to be done before you commit to anything:

• Look around your chosen area for empty property and agents' boards.
• Speak to agents.
• Familiarise yourself with the terms, variables and pitfalls of commercial property leases. If you decide to proceed, back that up with dedicated legal advice.
• Watch your chosen property at length & at different times to gauge footfall and habits.
• Do detailed cashflow projections - there is a lot more cost associated with b & m than most people realise

Again, do all of the above thoroughly before you commit to anything.

 

[MarketingQuote]

Location is the main thing, is there going to be sufficient footfall during non peak times?

 

[Kim Allcott]

If you do decide to go for it, I'd strongly recommend a schedule of condition is appended to the lease. This will protect you when the landlord comes to serve dilapidations at lease-end.
Good luck!