Retail real estate is becoming a blend of mixed uses; travel to any major metropolitan city and you’ll find retail projects that have put retail shops under the same roof or in the same building as living spaces. In New York, it used to be the vast open spaces in old industrial buildings that were turned into urban, modernistic apartments; the trend for convenience continued, making it appealing to live above shops and grocers.
Location, location, location
Be mindful of not only your type of business but whether that business would fare better in a single-use location or a busy urban-like mixed-use zoning area. If small community quiet and friendly atmosphere is the perfect venue for your retail shop, it would make very little sense for you to choose a location that could get lost in the hustle and bustle of a mall or mixed-use location.
Granted you are often at the mercy of the city’s zoning committee, but you still have the ability to choose whether you should invest in a location that ultimately does nothing to enhance your curb appeal or customer traffic.
The topic here focuses on the long-term retail project; after all, you do go into business because you’re looking for longevity, but the premise also applies to short-term event management projects. If you are in need of a perfect location for an event that is temporary, you’ll need to know what is available, and what each option has to offer. For something like that you can use your network of contacts, local chamber of commerce, or online databases that allow you to search by city, by industry type, or by vendor type. 4URSPACE is just such a website; you can scope out the location, which companies worked on creating that location, and what types of retailers are near the location.
What are the benefits of mixed-use development projects?
While every community that is considering mixed-use zoning has a multitude of reasons why it might be good for them, they best serve the people and businesses of that community when they evaluate what they are trying to accomplish. Smaller communities may be going for revitalization of downtown or increased foot and bicycle traffic; while larger communities and urban areas may be trying to create more housing opportunities and a work/life balance of convenience by having many different retailers in the same area as housing.
Evaluate whether your business would benefit from mixed-use development
Only you know the long-term goal of your business plan and whether that is achievable in a mixed-use development project. Will your retail neighbors complement your business or compete with you? Does the unique feature of single-use development, of keeping all housing separate from downtown businesses make the location more appealing; where it would feel more like an outing for your customers to visit your place of business or an inconvenience to go there?
Retail project construction is another option
One last thing to consider is if you can construct your retail project in a special location that may require you to request the location be re-zoned for your specific business or industry. This can be a risk, especially if you are the first in an area to start development, but it can also reap greater rewards if you establish yourself before any competitors invade your territory.
Do some research
One of the simplest things you can do to start your research by looking at similar businesses located in cities or towns that are not unlike the area you’re thinking of establishing your own retail location. If you’re looking at urban areas like New York City, Chicago, Miami, or similar cities use online tools like 4URSPACE to browse retail maps and find vendors that will help you complete your projects. You can do this with smaller cities, but you may have to take a different approach and look at the vendors that worked on various projects to see those locations, but taking your time to do the research will benefit you in the long run.