Denver’s growing population has led to an increase in new jobs and a demand for new space. According to the CBRE in Colorado, the city’s commercial real estate remained robust throughout 2017, gaining attention at the local, national, and foreign levels. With widespread competition among retailers to divert consumer spending, businesses large and small are having to reinvent themselves. Whether that means going omnichannel, catering to a niche market, or occupying an innovative space, business as usual is no more.
As traditional retailers, like JC Penny, Sports Authority, Kmart, and Macy’s, experience mass bankruptcies or store closures, mixed-use spaces and smaller retailers have stayed in demand. As a small business owner, you may have [or will] outgrown your home office model or other current space. Despite high demand and competition, there are less expensive alternatives when it comes to commercial real estate. A small business attorney will assist you with all of your real estate choices. This post will discuss three innovative ways to set up your small business in nontraditional spaces.
Much of central Denver’s residential development has evolved to support both retail and office development, giving the area an all-in-one environment that appeals to millennials. With millennials and empty nesters alike flocking to the city’s ecclectic urban core, more retail investors are looking at street retail – retail where there is a lot of pedestrian traffic. This has led to retail and other small businesses operating out of the ground floor of apartments or office buildings. If you choose this route, be sure to situate yourself among complementary businesses that target a similar demographic as your business.
Renting a space within another business or a shared office is much less expensive than renting or leasing on your own. Another benefit is that customers, employees, and owners of the other businesses will likely become your customers. Green Spaces Denver is an all-inclusive co-working space with a focus on sustainability and the environment. This solar powered workspace offers conference rooms, phone booths for private calls, 24/7 access, high speed wifi, printing, scanning, and meeting spaces for its members. Other shared space options include collaborative partnerships. For example, if you offer painting or cooking lessons, you could teach them at an established coffee shop in return for a fee or percentage of your revenue. That way, people attending your classes can stay for coffee while some of the coffee shop’s customers will sign up for your classes.
If you are just starting out or looking to expand your product line, a popup store could be ideal for testing the market, both product- and location-wise. You may find locations that have been empty for a long time, which means landlords are likely to rent to you for a short period at a reduced rate. There are many benefits associated with a popup store, including less capital investment, instant customer feedback, seasonal marketing, and ability to go to your demographic.
Despite the current perception that online shopping is the future of retail, there is still compelling evidence that physical stores are not only more successful and profitable, but they are also more popular among younger consumers. A Forbes article illustrates this point with the following examples: all but one of the top U.S. retailers are physical chains, Amazon purchased Whole Foods, and millennials and Generation Z prefer real stores.
If you need help relocating your retail store, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney. Phone: 720-258-6647. Email: email@example.com
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