Opening up a retail store comes with its own set of risks, regardless of where you decide to open up shop. Let’s take a look at some best practices for leasing a retail space in the Boise, Idaho market. Whether you are a business owner or you have a dream of someday opening up your own shop, there are things you should know before taking the plunge and leasing a retail space of your own.
A look at Boise’s Commercial Real Estate Market as of Q1 2018
Colliers International has a team of award-winning retail leasing professionals who put together expert information on the state of the retail and commercial leasing marketplace. For Q1 of 2018, they have put together a market report that contains a lot of valuable information to aid business owners and other potential buyers. In that report, they conclude that: “More and more tenants are attracted to buildings that have wellness features. There is a growing body of research that such buildings improve the productivity and satisfaction of the workforce – this office trend is not reversing.”
With this in mind, an ideal retail lease space in Boise would be one that has such features, or could have them after a small investment after the purchase has been made. Boise is already a fast growing city that is attracting more and more young professionals who are extremely health conscious and expect certain quality of life improvements in the workplace. Make sure to account for these needs when shopping for your retail space if you want to attract top talent.
Retail Leasing Trends
There are some current retail leasing trends that help dictate profitability at the brick and mortar retail level. One of these key trends is the increased profitability of an immersive in-store customer experience. “Evidence shows where retail stores put more immersive and interesting experiences in place, shoppers respond with increased frequency of visits, amount of time and spend per visit.”
Owning a retail space in today’s business climate means you are going to face heavy competition from online competitors in your same niche. Online stores can often provide products for significantly lower prices and at a greater convenience than their brick and mortar counterparts due to lower overhead.
You can get ahead of online retailers in a few ways. First, you need to offer an immersive and tailored experience to your shoppers. Things like product-based experiences that can’t be had at the keyboard at home. An example of this would be to allow shoppers to physically handle and even use products in the store. This allows them to more accurately compare two similar products without having to guess just by the look of a picture or online descriptions. Having excellently trained staff that are knowledgeable and friendly are also essential to making your in-person retail experience outshine the allure of online convenience.
Boise is Good For Business
Boise, Idaho is one of the fastest growing cities in the nation according to the US Census Bureau’s 2017 report. We enjoy a way of life that is only dreamed about in many parts of the US and around the world. As we draw more and more people, they are going to need to shop and spend their hard-earned money. That’s good news for business owners. Opening up a business here and now is a great opportunity to get on the ground floor of a community that will do nothing but grow and thrive well into the future. And that future is bright.