Should You Share Your Retail Space?
Small businesses are always looking for ways to save money. One of the biggest expenses is letting property. If you’re in the market and looking for retail property to let, you may want to consider a shared office space.
Sharing shops has evolved throughout recent years and become one of the top ways to find and rent shops to let. Here’s what you might want to know before you make your move.
Sharing Space Is Nothing New…
Big-box stores started sharing and subletting large retail units to let a few years ago as a way to reduce real estate expenses. You can tap into these savings should you decide on a shared space.
Another benefit is in-store branding. But it isn’t just retail shops who are benefiting from shared space. Retail entrepreneurs also benefit from partnering with other businesses, so the evolution of space sharing is only natural.
Factors to Keep in Mind
Before you jump head first into the world of space sharing, there are a few things to consider.
One is use of permits. Subletting involves many legal hurdles to overcome before you can legally open up shop. You have to go through the proper authorities to guarantee a permit for your business while also managing taxes and other similar legalities.
Next, you’ll need to communicate with your landlord to ensure that subletting is legal within the parameters of your lease agreement. Ultimately any space you let is the property of your landlord, so they are well within their rights to vet new tenants whom you wish to partner with. Once you find a few suitable candidates, run their information by your landlord and get the go-ahead.
Finally, you can go through a few extra steps if you want to ensure the new retail business is a good fit. With so many shops to let, your potential new partner may also want to do the same. Matchmaking agencies can isolate the best candidates while also aiding in the selection of retail units to let should you know that subletting is your goal.
Subletting a property can be challenging, but the benefits of splitting monthly rent and in-house branding far outweigh the struggles. The opportunity for growth is available if you choose the right retail units to let.
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