As with the rest of the UK, Newport’s retail market is currently in transition. Out of town locations are currently faring better than city centre locations. However, there are still retail units available which hold real opportunities for local businesses and first time business owners. Here are our tips on finding the right retail premises:-
Location, Location, Location – Will your customers make a specific trip to you, or do they just walk past and decide to call in? Key in choosing your location is understanding your customers. For instance, if you’re a value retailer, your customers would expect you to be close to other value retailers, not luxury fashion brands.
Affordability – Know your budget and stick to it. However, don’t take a unit just because it’s cheap, it has to be the right unit for your business.
Small Business Relief –In Wales you can get 100% relief on your business rates when the rateable value of your commercial property is £6,000 or less. The rate of relief will gradually decrease from 100% to 0% for properties with a rateable value between £6,001 and £12,000.
Flexibility – Where possible, try to agree flexible lease terms. On small retail units, 3 year leases with 18 month break clauses are often achievable. This gives you the opportunity to give a location a real go before deciding if it is right for your business.
Property Consultants – Commercial property professionals can save you both time and money. Talk to a local commercial property advisor who have a specialised knowledge of the local area, chances are they will know the right spot for your business.
If you need advice on finding the right retail unit for your business, please contact one of the team on 01633 740 740.
