{"id":14692,"date":"2023-10-05T16:26:23","date_gmt":"2023-10-05T16:26:23","guid":{"rendered":"https:\/\/resolutre.com\/staging\/?p=14692"},"modified":"2023-12-18T21:23:08","modified_gmt":"2023-12-18T21:23:08","slug":"how-to-choose-the-right-location-for-your-retail-or-restaurant-business","status":"publish","type":"post","link":"https:\/\/resolutre.com\/staging\/how-to-choose-the-right-location-for-your-retail-or-restaurant-business\/","title":{"rendered":"How to Choose the Right Location for Your Retail or Restaurant Business"},"content":{"rendered":"\n<p>Finding the right location for your retail or restaurant business is one of the most important processes you will be engaged in for your business.&nbsp; Like the old adage goes: location, location, location. Many factors go into <a href=\"https:\/\/staging.resolutre.com\/market-research\/market-facts\/\" target=\"_blank\" rel=\"noopener\" title=\"\">site selection<\/a> for your business.&nbsp; <\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\">Space and Location Considerations:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Have you <a href=\"https:\/\/staging.resolutre.com\/market-research\/\" target=\"_blank\" rel=\"noopener\" title=\"\">researched your market<\/a> to determine if the location will be successful?<\/li>\n\n\n\n<li>Size of space needed. If you are a restaurant, will the space accommodate the number guests you anticipate seating at any given time? Is there enough room for your kitchen and all your necessary equipment?<\/li>\n\n\n\n<li>Do you need an end cap or are you willing to go in-line? Or do you need a freestanding location? What about a drive-thru?<\/li>\n\n\n\n<li>Construction budget<\/li>\n\n\n\n<li>Anticipated sales projections\u2026rent is always a function of sales, and most businesses want its rents to be between 6%-8% of their total costs to run the business<\/li>\n\n\n\n<li>Rent\/NNN budget\u2026make sure that you are realistic about what can be achieved in the market(s) that you are looking in, and how that compares to your budget<\/li>\n\n\n\n<li>Do you need referrals for a general contractor\/architect\/etc.?&nbsp; Do you have a prototype for your layout?<\/li>\n\n\n\n<li>Which kind of other businesses\/tenants do you want to be around (or stay away from)?<\/li>\n<\/ul>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\">Interior of the Space:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What size HVAC do you need?<\/li>\n\n\n\n<li>Do you need the space to come with equipment left behind by the previous tenant?&nbsp; 2<sup>nd<\/sup>&nbsp;gen restaurant space, for example, could save a restauranteur a lot of capital.&nbsp; Or could you do new construction or a plain jane retail space?&nbsp; If you&#8217;re considering a non-2<sup>nd<\/sup>&nbsp;gen restaurant space, for example, how much would it cost to retrofit a space?<\/li>\n\n\n\n<li>Do you have to have natural gas?<\/li>\n\n\n\n<li>What size electrical service do you need?<\/li>\n\n\n\n<li>Do you need a grease trap or a vent-a-hood?<\/li>\n\n\n\n<li>Does your space need to be sprinklered?<\/li>\n<\/ul>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\">Selling Yourself to Landlords:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What kind of credit will be going on the lease?<\/li>\n\n\n\n<li>Are you willing to personally guarantee the lease?<\/li>\n\n\n\n<li>Where is your source of funding coming from to do this new location?<\/li>\n\n\n\n<li>Resume\u2026have you worked for a competitor in the past or do you have existing stores?&nbsp; If so, how long have you been in business? If not, do you have a resume showing your operations prowess?<\/li>\n<\/ul>\n\n\n\n<p>A broker who specializes in retail\/restaurant real estate can be a huge resource navigating through all of these puzzle pieces.&nbsp; And the landlords usually pay their fees, making this service free of charge to the business owner.&nbsp; When hiring such a broker, still engage in a meaty interview process. <\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\">Here are some key things to consider when deciding who to hire:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Can they provide references from past clients?<\/li>\n\n\n\n<li>How many similar-type deals have they closed in the past week, 30 days, 60 days, YTD?<\/li>\n\n\n\n<li>If they work in other commercial real estate verticals, such as office, industrial, land (not related to retail), farms &amp; ranch, medical or investment sales, for example, how much time does that agent spend working in those verticals versus retail\/restaurant?<\/li>\n<\/ul>\n\n\n\n<p>I highly recommend a broker who specializes in the retail\/restaurant field.&nbsp; That broker will more likely have the <a href=\"https:\/\/staging.resolutre.com\/brokerage-services\/\" target=\"_blank\" rel=\"noopener\" title=\"\">expertise<\/a>, knowledge and relationships in the market to get you the best space for your business.<\/p>\n\n\n\n<p>&#8211;<a href=\"https:\/\/staging.resolutre.com\/meet-the-team\/david-simmonds\/\" target=\"_blank\" rel=\"noopener\" title=\"\">David Simmonds<\/a>, President &amp; Founder<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p>Be sure to follow the fun on social media! <\/p>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/company\/resolut-re\/\">LinkedIn<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.instagram.com\/resolutre\/\">Instagram<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.facebook.com\/ResolutRE\">Facebook<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finding the right location for your retail or restaurant business is one of the most important processes you will be engaged in for your business.&nbsp; Like the old adage goes: location, location, location. Many factors go into site selection for your business.&nbsp; Space and Location Considerations: Interior of the Space: Selling Yourself to Landlords: A&hellip;&nbsp;<a href=\"https:\/\/resolutre.com\/staging\/how-to-choose-the-right-location-for-your-retail-or-restaurant-business\/\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">How to Choose the Right Location for Your Retail or Restaurant Business<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":14715,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","neve_meta_reading_time":"","footnotes":""},"categories":[39],"tags":[],"class_list":["post-14692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/posts\/14692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/comments?post=14692"}],"version-history":[{"count":8,"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/posts\/14692\/revisions"}],"predecessor-version":[{"id":15044,"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/posts\/14692\/revisions\/15044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/media\/14715"}],"wp:attachment":[{"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/media?parent=14692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/categories?post=14692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resolutre.com\/staging\/wp-json\/wp\/v2\/tags?post=14692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}