By Soniya Gaonkar on Sep 30, 2021 5:37:40 PM
Pune and PCMC, one of the fastest-growing cities in India, and emerged as a significant retail hubs in recent years. The city's continued growth as an industrial hub, a bustling residential and commercial center, coupled with its ever-growing affluent-class population, have encouraged retail brands across the globe to establish their presence and leverage the city's potential.
With so many retail centers around, it is apparent that Pune PCMC has turned into an excellent playground for retail players. However, having said that, one must not forget the fact that the choice of the location of the store still holds significance. So, if you are a retail brand, or if you plan to represent a retail store in PCMC, Pune you must search for spaces that would give your brand higher visibility and allow you to tap the business potential.
Searching for the best commercial retail store space in PCMC and Pune requires you to consider a few essential factors. Let us look at the eight most crucial ones through this blog.
How to Choose the Right Location for Your Retail Business in Pune – 8 Factors to Consider
1. The Location of the Store
When it comes to customer-facing businesses such as retail, the location of the store within the city, and of course, its location within the shopping center or mall, also holds significance. So, at the outset, look for a store located in a prominently situated mall or shopping complex and is located at a visible place within the mall.
If the mall is ready, you wouldn't have to research a lot about its business potential, as that will be pretty evident through the performance of other brands. However, in case the mall is under construction, inspect the growth prospects around, and try to know other retail brands that have booked a space.
2. The Store Size and Layout
A retail brand must have a store space large enough to accommodate a large number of visitors without cluttering the space or making it appear excessively crowded. Additionally, the layout must allow free movements across the store. A lot of brands have their unique space and layout requirements. If you are about to represent one such brand, you must assess the store's dimensions and plan as per the brand's specifications.
3. Presence of Potential Customers
Depending on the location of the store, you must review the presence of potential customers around. Remember, it is a strategic aspect that requires a strategic thought process. For instance, if you consider buying a retail space in Chinchwad for an apparel brand, you must review the type of prospects residing within the store's vicinity. Potential areas may include Pimpri, Pradhikaran, Nigdi, Kalewadi, etc.
Opening a store in an area where prices and quality do not resonate with the target audience is practically useless. In situations like these, it is likely that you receive a lukewarm or negative response.
4. Commuting Convenience
Is the mall or shopping complex wherein your store would be located conveniently for your prospects to commute? This is an important question to ask. And, it isn't relevant from your customers' viewpoint, but also from your employees who will be traveling every day to work.
After all, you wouldn't want your prospects to refrain from visiting your store only because it is inconvenient to reach, or your employees resigning due to commuting challenges!
5. Status of the Property: Move-In or Under Construction
Both these types of properties have their unique pros and cons. While a move-in property is ready to serve and only requires you to start your business, an under-construction property might allow slight modifications to suit your needs. In the latter case, you may want to negotiate with the owners to share costs concerning leasehold improvements, build-outs, rewiring the electrical system, etc., or ask for free rent to curb your investment.
6. Complementing Neighbors
You may not have complete control over this aspect. However, it is good to check it before you finalize the space. The presence of direct competitors, and precisely, a larger counterpart, may prove detrimental to your sales. However, for instance, complementing neighbors such as a restaurant, a similar class jewelry store, if you are a clothing brand, a kids' play zone if you are a toys brand, etc., can make a positive difference to your store.
7. Building's Infrastructure
With new malls and shopping complexes, you wouldn't have to worry about infrastructural elements such as electrical systems, heating, cooling, plumbing systems, and Wi-Fi. However, in case the building is relatively old, you must review these elements and confirm that these integral elements are intact.
8. Lease Terms
Review the store's lease terms. If the owners demand a long-term lease agreement, you will end up locking your rent for those many years. If your business does well, great. But if it doesn't, you may end up in a soup. So, check if you are allowed to sign a short-term lease agreement. But then, on the other hand, a short-term lease agreement may make you vulnerable to rent hikes. In complex situations like these, have your attorney review the contracts and advise you appropriately.
Buy a Retail Store Space in Pune in Kohinoor World Towers
Kohinoor World Towers (KWT) is an iconic commercial structure that stands proudly at a prominent location on the Old Mumbai-Pune Highway between Chinchwad and Pune. It is prominently located, has excellent connectivity, offers a range of retail spaces, and is considered an excellent marketplace for retail players. The project is spread across an extensive area of nine acres and has five towers to make it a highly visible commercial zone.
So, if you want to buy retail space in Pune KWT can prove a sensible and sustainable choice.
To know more, connect with Kohinoor's representatives at +91 20 6764 1818.