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London boasts of having one of the most exciting, dynamic and fast-moving retail business environment. The availability of retail space for rent in this city is seen as a perfect opportunity to add value and steer businesses to the next frontier. Even during the Covid-19 pandemic, businesses can tap into the existing retail spaces to cement their place. 

Thus, it’s a common thing to find a business or a brand taking up space within alleys of a mall or even inside another retailer's premise. The move by businesses to take up such retail space for rent is a great opportunity for businesses and brands especially small businesses to gain visibility, grow their customer base and double their revenues.

The future of retail has shown a steady growth in the number of retail spaces for rent and an equally higher number of businesses that are taking up these spaces. You will be surprised to know that some of the brands that have grown to become global household names started in small retail spaces for rent.

Here are 4 reasons why you should make retail space for rent count for your business:

·         Enhance better customer experiences

Customer experience is important whether you run an eCommerce business or a brick-and-mortar enterprise. Yet, it is easy to get it wrong. Therefore, it is important to invest in customer experience from time to time. One of the ways of doing this is having a presence in retail space for rent that satisfies your needs albeit temporarily. This will give you a chance to interact with your customers and prospects at a different level while being able to gather their views on your products. You can use the feedback to enhance your products thus improving customer satisfaction levels.

·         Offer customer convenience

When you have your buyer persona in mind, you will know where they shop and why. This information can also inform your move to set up a presence within an existing space or a hallway of a mall. For the customer, this offers convenience as they can be able to get everything they need with a single trip to the mall. Even better, you can tap into empty retail space for rent to conduct customer experience surveys and use the feedback to enhance the products and services you offer.

·         Lower your risk when launching into new markets

While you may have done extensive research of your prospect before introducing a new product, you’re not always guaranteed that the product will be received well. Yet launching new retail brick and mortar stores can be quite costly. Thus, you can take advantage of retail space for rent to launch new products and gauge the new market at a fraction of the cost of running a brick and mortar store. You can then make the big move to open a conventional store based on how receptive the market is to your products and services. Be sure to take advantage of any business rate cuts from your local council.

·         Learn new skills

When you set up a temporary store or schedule a product launch within retail space for rent, it may seem like an ordinary business move. However, in reality, this is an opportunity to acquire new skills while growing a brand. The circumstances and environment of operating a temporary store will be slightly different hence you will have to grow a new set of skills to grow. This is especially true for eCommerce businesses where you are used to running your business by yourself but now have to bring in staff to help you with the duration you will be at the retail space. Moreover, you may now have to think about things like electricity bills, security and a doubled inventory among other things.

Whether you’re looking to tap into a creative, vibrant and diverse city like Brighton or the prominent tech city like Silicon Roundabout there are plenty of opportunities you can tap into and get your brand before thousands of prospective buyers. You must ensure that the location you choose is good for doing business.

Keep in mind that different areas suit different businesses. While some neighbourhoods may be recognized for hosting fashion-related businesses, others may be great for technology. Therefore, take time to do some research to see how suitable different neighbourhoods are for your business before investing in the retail space. This will help you to ensure that you are attracting the right kind of audience for your business. You don’t want to set up a fashion pop up store in a tech zone because chances are it will fail.                

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