A great location is complementary to your business. A great chef knows balance, as should retail development professionals. In the Japanese culinary arts, the word 'umami' is used to describe when an eater encounters foods and dishes that are 'savory', our recently recognized fifth taste. Dishes with umami taste salty, sweet, acidic, bitter and deliver the sensation of fat all in one bite. This thoughtfully designed experience excites our taste buds and makes each bite insatiably delicious. I
A great location and its surroundings are clean and inviting. This one is so obvious, but it is so often missed. How tenants and landlords can dismiss basic maintenance and property management practices so frequently and intentionally is beyond me. I understand that there are sound decisions for deferred maintenance or a reduced cleaning budget from time to time. Yet, many places we go with the full intention of spending money ignore the basic premise of cleanliness and use deference
A great location is very close to a signalized point of entry. As an owners and lessees of retail space, those are the 4 steps you want potential customers to take. The ubiquitous traffic light plays an important role in influencing the retail decision making process. How many times have you been stopped at a traffic light and felt a tad frustrated? As you curse yourself for taking that particular route home, to work or from your child's soccer practice, you exhale and peer out the window. It
Great locations are at a gross rental rate that does not exceed the rate in the tenant's business plan. If a tenant doesn't have a business plan that has taken into consideration current market gross rental expenses, neither tenant nor landlord should execute a lease. Rent is the largest fixed component that tenant's traditionally pay. Landlords depend on the prompt and full payment of rent to meet their proformas, lender and investor expectations. Tenants seek low rental rates that assure t
Great locations are well-lit promoting vitality, atmosphere and safety for employees and customers. Properly lit spaces are inviting places to work, do business and be entertained. More importantly, lighting is something that a business owner can control. If you have questions, hire a lighting consultant. It's a worthwhile investment Low interior lighting, missing bulbs in exterior signage and dark parking lots drive people away from working and shopping at businesses.
Great locations are on two-way streets, providing easy access for customers and enhanced visibility for the business. Have you ever been looking for a storefront on a one-way street? Even when you know exactly where the store is, it is hard to get there. Street parking is limited, there are often other cars right on your tail. And even worse, if you don't find a space, you go around the block about 9 times before you finally give up. The investment in a retail location is too costly to rel