How Much Space Should You Rent for Your Retail Store Business?

Once you finalize the location for your retail store business, the next important call you need to take is on how much space you should ideally hire. The professionals like Forum Properties that you hired to get you the right place will also be able to help you with the amount of space only if you are clear in your mind.

Normally, if you ask a person, the quick answer is that hire the amount of space that will help you maximize your profits. Though true, it doesn’t resolve your problem because now you need to analyze many parameters. In case you rent more space than required, it will simply increase your expenses, thereby impacting your profit adversely. Taking small space than required will not let you showcase your stuff properly.

Thus, you need to figure out the minimum amount of space that is must for your business and then considering your budget and your near future expansion you should take a call. If you don’t consider expansion and sign the deal, you might not get additional space in the same area and then you will have to go through the pain of relocation.

To calculate the required space, you should actually start with developing your basic store layout on a graph paper. On this graph, you need to provision for everything that you want in your store like the payment counter, the items you want to display and how, the storage space, the area where you will take deliveries, how you want your customers to navigate through the store etc.

Once you make a provision for everything, you will get a fair idea of how much space will be required. Now compare it with your budget. If it falls in your budget, then there is nothing to worry about. If it is going out of your budget, then you will have to cancel out few things that are less important and compromise on others by squeezing out some space from them.

This exercise will help you in figuring out the approximate size range for your business. Once this exercise is complete, finding the right space is not at all difficult because you would know how much space you require.