Retail Space

Discussion in 'General Business Forum' started by hassecure, Mar 11, 2021.

  1. hassecure

    hassecure UKBF Newcomer

    29 0
    My partner currently rents a building which includes a shop front that's not being used, so we'd like to come up with some ideas to make the space earn some cash.
    I wouldn't say either of us are creative but we are driven once we have the idea and task.

    Has anyone got any suggestions on what could work good in a small retail space in a low/medium income residential area?

    The ideas that have come to mind are:
    Coffee shop - not sure if the area is right
    Gift Card Shop
    Vape Shop - assume this would need some sort of franchise?

    If anyone has any ideas on things that have maybe worked for them we'd really appreciate your suggestions
     
    Posted: Mar 11, 2021 By: hassecure Member since: Feb 11, 2017
    #1
  2. Mr D

    Mr D UKBF Legend

    28,599 3,559
    Is it big enough to generate sufficient profit to pay for staff time in it?
     
    Posted: Mar 11, 2021 By: Mr D Member since: Feb 12, 2017
    #2
  3. hassecure

    hassecure UKBF Newcomer

    29 0
    Yes I dont have the exact size, but yes its a decent sized retail space
     
    Posted: Mar 11, 2021 By: hassecure Member since: Feb 11, 2017
    #3
  4. Mr D

    Mr D UKBF Legend

    28,599 3,559
    Ok then. What does the local area need that it has not got and that fits in that space?

    Yankee candles? Handbags? Plants? Craft stuff? Jewellery? Pet stuff? DIY stuff?

    Lots of things can be sold in a retail space. However usually a good idea to specialise in just one, few places can be as diverse as a garden centre or department store can.
     
    Posted: Mar 11, 2021 By: Mr D Member since: Feb 12, 2017
    #4
  5. kulture

    kulture Moderator
    Business Member

    8,360 2,360
    I have a small shop in front of my house. I rent it out. No hassle, no work, monthly income.

    I feel that unless you have knowledge or passion for what you are selling, retail is not for you.

    Now the guy to whom I rent repairs and services bicycles. A growing business.
     
    Posted: Mar 11, 2021 By: kulture Member since: Aug 11, 2007
    #5
  6. Trevor Andrews

    Trevor Andrews UKBF Ace

    399 119
    We opened a gift shop a year ago so you might like to know it took at least £10k to stock a 35 meter squared unit. So what capital do you have? Secondly gifts sales fluctuate so we have to man the shop but some days take very little money so you need reserves for pay.

    Depends what you do behind the shop. In a shop premises I had in a village I was selling computers so at the front I offered photocopying and other office type services. This took no capital or reserves as receptionist did it all.

    So what could you do that compliments your work, or how much capital do you have or the other possibility is to rent it out to someone who wants a shop.

    Hope this helps
     
    Posted: Mar 12, 2021 By: Trevor Andrews Member since: Feb 9, 2021
    #6
    • Thanks Thanks x 1
  7. Mark T Jones

    Mark T Jones Business Member

    6,587 2,835
    What @kulture says

    The point here is that what has worked for someone else is irrelevant, retail space is all about demographic & footfall.

    You also need to think about your interests, resources and time - a coffee shop is very much hands-on - whereas a 'locked door' antique shop might only use an hour or so each day.
     
    Posted: Mar 12, 2021 By: Mark T Jones Member since: Nov 4, 2015
    #7
  8. Darren_Ssc

    Darren_Ssc UKBF Legend

    1,925 695
    A lot of possibilities if you're doing the work (for nothing), but if you have to employ someone else, not so much.
     
    Posted: Mar 12, 2021 By: Darren_Ssc Member since: Mar 1, 2019
    #8
  9. WaveJumper

    WaveJumper UKBF Legend

    2,371 594
    All of the above but you also need to consider what usage is attributed to the premisis ie check its permitted use. I would also go along with the 'lease out to someone else' and let them have the headache of running a retail space. I would also add you would need to have agreement from your landlord ...... and it may pay to read the lease first
     
    Posted: Mar 12, 2021 By: WaveJumper Member since: Aug 26, 2013
    #9