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Top prime points to be check for Retail

HIGH STREET

A high street is the main street of a town or of an  area within a city which is famous as a traditional  site for most important shops and businesses in  that particular town.

Micromarkets in commercial real estate  perspective can be understood as subdivisions or  specific stretches with their own defining  characteristics but within an overall market.

MALLS

Shopping malls are a large retail complex containing a  variety of stores and often restaurants and other  business establishments housed in a series of  connected or adjacent buildings or most generally in a  single large building.

FLOOR

Unlike residential, in commercial spaces, the  general thumb rule is – Lower the floor, higher the  rent. For instance in a G+4 structure in a prime  locality, the 4th floor generally gets rented for 1/4th  of the rent of the ground floor space. For retail  spaces, ground floor is the most preferred amongst  all formats of business. These include jewellers,  textiles, supermarkets, restaurants etc.

COLUMN-LESS STRUCTURE

For any format of retail, it is not just about the space  being a square or a rectangle, it is of utmost importance  that the floor space is clear and devoid of any  columns/pillars. This allows formats to carve out a  layout with the best possible efficiency without any  wastage of space. If we consider the example of a  restaurant, if there is a clear floor area devoid of  columns, more seating can be accommodated.

CARPET AREA % (EFFICIENCY)

This is an important factor as it is on what a client  can work out his interior layout. Most efficient retail  spaces are those which have a high carpet area to  built up area ratio. In standalone stores, this tends to  be in the range of 70-80% whereas in malls it may  be as low as 40-50%.

NEIGHBOURING OCCUPANTS

This is of utmost importance as brands are very  conscious about neighbouring stores and the kind of  footfalls that they tend to attract. In high streets, it is a  common sight to see some rundown buildings or small  petty shops. A big brand cannot afford to be located  near such stores as it has a negative impact on the  customer experience.

FRONTAGE

Frontage refers to the entire length of the building  façade that abuts the road. This is a very critical  aspect as it has a direct impact on visibility. Higher  the frontage, better the visibility. Although a  showroom maybe located in a high street, it will fail  to attract attention if it has a very small frontage.  Also more frontage, most generally, means more  parking space and gives an easy access to the  building for customers.

CEILING HEIGHT

Ceiling height also plays an important role in retail  space as it not just impacts the store ambience and  visibility but also, as several researches have proven,  has an impact on the consumer behaviour. If not across  the entire space, most showrooms prefer the ceiling  height to be higher at the entry as it gives a feeling of  openness, comfort and influences the customer to think  more freely. All this has a positive impact on the sales.

SIGNAGE

For any retail setup, signage is a very important  aspect as it is what grabs the eyeballs. All  showrooms have signages mandatorily on the  façade and also at multiple other locations in the  building premises so as to be visible from every  possible angle. Signages can range from a small  standee, lollipop to a massive hoarding running  across the entire façade length of the building. Also  to be noted is signages are also internal wherein they  can be informative (departmental, way finding etc)  and also persuasive (attractive imagery, featured  products, seasonal etc). All these have a direct  impact on the consumer behaviour.

POWER AVAILABILITY

For any retail and restaurant format, sufficient  power availability is key as it needs to power up  electrical appliances, lighting, HVAC etc. The  requirement for power may vary for huge format  retail as they have bigger floor plates and also  operate on multiple floors. For a restaurant this  number is always higher as apart from ACs they  also have additional electrical appliances such as  freezers, chillers, water coolers, mixers, grinders,  microwaves and also most importantly the kitchen  exhaust system.