A great location is in an iconic building.
EVERY city in the world has at least one building that has local significance. It may be a church, a farmhouse, an office building, a hotel, an old department store, or, or, or. The key to finding a great and attainable location in an iconic building is luck.
As of late, the word icon has been painfully overused, so much so, that I don’t think that most people appreciate what an icon is. This isn’t an English lecture, so don’t worry, I won’t define it for you. I will just say that we all recognize that icons are rare. That means, whether you are a landlord or a tenant, it is going to be difficult finding an iconic building to buy or lease, let alone one that suits your immediate business investment strategy.
Let’s say you are one of the lucky ones that finds an opportunity in an iconic building. I can guarantee you that your business will have extraordinary visibility and interest from local residents and tourists alike. I also can guarantee that you will pay a premium acquisition cost or lease rate to own or be in that iconic location. So, what to do?
It really depends on where you are in the life cycle of your business. If you want to make a mark as a quality investor or emerging brand, an iconic location may do the trick. You will certainly be able to market your presence there. It will also be much easier to gain traction from local and national marketing efforts in traditional and digital media platforms.