If you’ve already opened a consignment store, you’ll know the importance of selecting a good location. If you’ve not yet opened a store, it is really worth thinking about this prior to making any commitments. We have captured some hints below:
- There is no such thing as a perfect location. Panic over, fear not. You won’t ever find a location that is perfect in every way, so make the most of the option that best suits your needs, even if it’s not exactly what you wanted.
- Make sure it’s affordable. Do the math – don’t bankrupt your new store by over-stretching your outgoings on an expensive location. Don’t be afraid of taking risks, but make sure they’re measured and calculated decisions. Pricing is usually based on $ per sq. foot – do your research to understand what a good rate is, and isn’t.
- Keep an eye on rental terms. Read the lease terms carefully to ensure they are balanced and offer appropriate protection to both tenant and landlord. If you’re not sure, take advice from a more experienced store owner, a realtor or even a legal professional.
- Know your audience. Don’t forget about who you’re trying to attract to the store, and whether your location makes it more or less likely that they will visit you. Is there parking nearby, will there be a good throughput of potential customers from other local establishments, or are you isolated? Would you go out of your way to go to the store if you were a customer or consignor?
Got questions or comments? Get in touch with the ConsignCloud Team, who would love to hear from you.