Three Tips for Finding The Perfect Retail Space

Washington D.C. (PRWEB) June 30, 2012

Knowing when you have found the right location can be the secret path to success for any retailer. Carefully researching and creating a real estate profile is important to determine if a site should be pursued according to Robert Tack, the CEO of Capital Retail Group, a Washington DC based commercial real estate firm. Tack says, “While many retailers have different formulas for success all should do enough research before they sign a lease to know what site characteristics, demographics, traffic patterns, and general lease requirements work best for their retail use.”
The firm has published a proto typical example of a coffee shop for reference:

Site Characteristics
    o    Floor Plan size: 800 to 1,200 sq. ft., 16' minimum store width
    o    High profile end-cap w/drive thru, end-cap, in-line location
    o    Located in mixed-use power center, open-air mall, dominant "daily needs" grocery/drug anchored neighborhood center or in a dominant entertainment / life style center
    o    Ample parking contiguous with site, minimum 7-stalls
    o    Easy ingress and egress (no more than 2 turns in or out)
    o    Signage:

Demographics & Traffic Characteristics
    o    For suburban locations a residential population of at least 20,000 residents within 3-minute drive-time and 35,000 within a 5-minute drive time.
    oMedian household income should be at least within 10% of market average or above.

    o    Generators include national anchors, national branded restaurants, supermarkets, drug store and entertainment concepts.
    o    Minimum traffic counts 25,000 ADT

General Lease Requirements
    o    Five (5) year term, with three (3) five (5) year options to renew
    o    Negotiated tenant improvement allowance
    o    Standard "vanilla" shell, with a the following upgrades included;
    o    Electric: 208/200 AMP, 3-phase, 4 wire electrical service
    o    HVAC: 8 tons or 1 ton HVAC per 150 sq. ft. of leased premises
    o    Water: 1 1/2" water line, metered to space
    o    Gas: 2" gas line to space recommended
    o    Ceiling: 10-foot drop ceiling with light fixtures
    o    Sprinkler: As required to meet code
    o    Restrooms: Two (2) public restrooms

About Capital Retail Goup

Capital Retail Group provides a full range of property tax, property management,and strategic advisory services to the commercial retail sector serving Washington DC, Maryland, and Virginia. Follow us on Twitter and our blog.

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