If you’re planning on opening a retail store in New York City or the surrounding area, there’s much to consider. You’ll have to hunt for commercial real estate and create a plan to help your business thrive. Here are a few tips to ensure a successful retail store opening.

What Are the Steps for Opening a Retail Store?

1. Determine Ownership

Decide if your business will operate as a sole proprietorship, partnership, limited liability company, or corporation. If a partnership is best, you must decide among general, limited, and limited liability.

A general partnership, for example, means partners share daily business responsibilities, such as opening the store and taking inventory. A limited partnership, in contrast, means one partner oversees daily operations while the other offers financial backing but doesn’t participate in management activities.

2. Devise a Business Plan

Develop your business plan by determining what kind of merchandise you will sell and the target market. Think about merchandise price points in light of your retail expenses, such as commercial real estate rent and utilities. Make a list of competitors as well to determine what you can offer to set your business apart.

Your business plan should also include the company’s name. Keep it unique and relatively short so that it’s easy to remember.

3. Scout Locations

Let your realtor know what you’re looking for before considering several commercial real estate locations. High traffic spots offer the visibility you want, especially as a new business. However, the rent is generally higher. Don’t let the extra cost dissuade you since low traffic or limited accessibility impacts revenue.

4. Create a Floor Plan While Keeping a Theme in Mind

Design a floor plan that shows off your merchandise in appealing ways and supports your store’s theme. Create an idea board to inspire your layout and experiment with different setups until you like what you see. Keep traffic flow in mind since customers should be able to move through the store easily. 

Discuss your commercial real estate needs with Jeffrey Anderson, Associate Broker, Capital Real Estate Advisor. The real estate agent specializes in commercial leasing and building sales for clients throughout New York, NY. He also provides advice for construction management and architectural design. Call (917) 568-9642 to get started or learn more about his services online.