Both small and big businesses need a retail space that will meet all of their needs. But finding the perfect commercial space is not always easy, especially if you are expanding in Dubai where there are plenty of great options.
Here is an essential guide to help streamline your search for the best shop for rent in a mall in Dubai.
General Tips
Before you begin with your search, here are some of the important things to do first.
1. Define your budget
Consider how much you can afford before looking for a shop for rent. Create a red line that you should not cross at the top end, but also set a mid-range and the lowest price, and compare all possible options with your expectations.
Take note that the base rent advertised or offered to you is not the bottom line cost. In addition to rental fees, other charges may be included, such as the cost of maintenance and repairs, business rates, energy bills, and service charges. Most first-time renters become overwhelmed when all of these costs add up.
2. Outline your needs
In determining your needs, it pays to be specific. Before starting with your search, examine your retail space requirements.
For instance, determine how much space you’ll need, which location best fits your company, and if you are planning on expanding soon. Having answers to these specifics will help you find your ideal asset.
3. Be aware of the terms and conditions
Like any other transaction, you must know and understand all the terms and conditions associated with renting a retail space before making a final decision.
Even if everything seems to be in place, you still need to take a deeper look. This means reviewing the terms and conditions carefully, looking at the prices and time frames, and understanding your responsibilities. If you find anything incorrect or unclear, don’t hesitate to voice out your concerns and talk things over with the lessor.
The best way to mitigate the risks related to renting a retail space is by going over the contract intently before signing it.
Factors to Consider
Here are the crucial considerations to help you make the best investment decision and find the retail space that meets your business needs.
1. Location
The location of the retail space is the first thing to consider. Ideally, it should be easily accessible to you, your employees, and your target customers.
Look into the traffic situation in the area because the given space will more likely be a successful spot for your business if plenty of pedestrians and cars go by.
Besides traffic, how people get to the shop from the road is likewise critical. Pay attention to how potential customers get in and out of the shops.
Little things like whether an intersection has a left and right turn lane or a building have multiple entry points will also make a huge difference in whether people will stop by or go to a more convenient retail space.
2. The building
The building where the retail space is located is also an important consideration. Make sure that it includes everything you need – from support to enough storage space.
It must also be presentable, in an excellent state, and safe for everyone. Take note that not all malls are created equal, so make sure to check if the shopping mall has no structural issues and is built to code. Research on the property developer to have an idea of how the mall was constructed.
3. Demographics
Your target market should ideally comprise the people living in the area as this is crucial to the success or failure of your retail space. If you are selling kids’ toys and other stuff, you will do well in a community with families but may struggle in areas where the majority of residents are young singles and retirees.
The same is true if you are running a high-end grocery store – your business will be more successful in a neighborhood with high-income individuals rather than in a middle-income community.
4. Co-tenants
Most modern shoppers are lazy, so they often find a place where they can run multiple errands simultaneously. With that in mind, checking out your co-tenants is essential before finalizing the lease agreement.
Make sure that the mall houses other businesses that support yours. People going to the dry cleaners, supermarkets, or leisure facilities will most likely stop at your café to grab dinner since they’d feel too exhausted to prepare their meals at home.
5. Amenities
You cannot run your business without an Internet connection, a telephone, and other essential utilities. That is why you have to look into the services and features of the retail space you will rent.
Check if the retail space is equipped with all the amenities you need. If not, find out how quickly these can be installed, along with any other requirements.
6. Parking space and transportation system
Among the perks of opening a retail shop in Dubai is that traffic and parking spaces are not a major problem. In Dubai Festival City, for instance, most residents have designated parking spaces while visitors can enjoy lots of public parking spots.
The transport system should also be considered. The shop location should ideally be serviced by metro stations, buses, and even taxis so shopper mobility is not a concern.
7. Price
The cost of the space is also a huge factor when finding a shop. The rule of thumb is to not opt for a retail space with monthly rental rates that are way beyond the budget you’ve set earlier. And don’t forget to take into account also the other associated expenses that you will have to pay for every month.
Of course, your retail space must be worth the money you invest in it.
In Dubai, shops for rent in Dubai Festival City Mall are among the best options. The location is perfect for any business. The traffic is high but without any issues in terms of parking and public transport.
More importantly, it houses businesses that can certainly help yours, including supermarkets, hundreds of retail shops and restaurants, and recreational facilities that will keep everyone engaged and entertained.
Information is critical when finding the perfect retail space in Dubai.
When you consider the price and all the other important factors in your search for a retail space, you will surely find one that will satisfy all your business needs.
