Are there any retailers out there?
Hi
I'm new to Meanwhile Space and am inspired by such an active online community doing great things. I just wondered if there are any retailers on here? I'd love to hear what the real obstacles are to opening new retail units - landlords are at their most negotiable, interest rates are low, grants and funding is becoming available - is it simply too high risk with market bouyancy?
I'm new to Meanwhile Space and am inspired by such an active online community doing great things. I just wondered if there are any retailers on here? I'd love to hear what the real obstacles are to opening new retail units - landlords are at their most negotiable, interest rates are low, grants and funding is becoming available - is it simply too high risk with market bouyancy?
Replies to This Discussion
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Permalink Reply by David Barrie on -
I'm not a retailer but am in the process of setting up a supermarket in a vacant space. Yes, landlords are up for negotiation. But if you are looking for a particular sized space in a specific location, there's competition out there. There are plenty of properties under 3000 sq ft which landlords are desperate to shift. But anything larger and the market is highly competitive. You could well be up against mighty charities with banking covenants turning over hundreds of millions of pounds and a more sure-fire and reliable bet than any kind of (say) community-based, innovative start-up. There is also some reluctance around on the side of landlords to trust in the value and follow-through of security provided by state organisations, such as local government. They like to see simple things: bank statements, proven cashflow, and a track record of running whatever it is that you are proposing to run in an empty shop. hope this helps. happy hunting! :)
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Permalink Reply by Janine Leadbeater on -
Thanks David, I saw your great idea for the co-operative supermarket - good luck!
David Barrie said:I'm not a retailer but am in the process of setting up a supermarket in a vacant space. Yes, landlords are up for negotiation. But if you are looking for a particular sized space in a specific location, there's competition out there. There are plenty of properties under 3000 sq ft which landlords are desperate to shift. But anything larger and the market is highly competitive. You could well be up against mighty charities with banking covenants turning over hundreds of millions of pounds and a more sure-fire and reliable bet than any kind of (say) community-based, innovative start-up. There is also some reluctance around on the side of landlords to trust in the value and follow-through of security provided by state organisations, such as local government. They like to see simple things: bank statements, proven cashflow, and a track record of running whatever it is that you are proposing to run in an empty shop. hope this helps. happy hunting! :)
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Permalink Reply by CulturingStuff on -
Hi David and Janine,
Any chance of an idiots guide to getting into reusing of buildings... for example... who generally did you contact (in order to gain access ) to the market of empty shops? Any tips for the correct approach?
David Barrie said:I'm not a retailer but am in the process of setting up a supermarket in a vacant space. Yes, landlords are up for negotiation. But if you are looking for a particular sized space in a specific location, there's competition out there. There are plenty of properties under 3000 sq ft which landlords are desperate to shift. But anything larger and the market is highly competitive. You could well be up against mighty charities with banking covenants turning over hundreds of millions of pounds and a more sure-fire and reliable bet than any kind of (say) community-based, innovative start-up. There is also some reluctance around on the side of landlords to trust in the value and follow-through of security provided by state organisations, such as local government. They like to see simple things: bank statements, proven cashflow, and a track record of running whatever it is that you are proposing to run in an empty shop. hope this helps. happy hunting! :)
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Permalink Reply by Popupspace.com on -
CulturingStuff,
I understand Meanwhile Space is developing a guide to renting empty shops on interim terms - keep an eye on this website as I think it's due to be published very shortly.
If you are searching for premises locally, a good bet is to take a note of agents' boards on empty properties and approach the agent with a short term offer. Be clear upfront about what you can afford to pay (and other incentives you could offer the landlord, such as redecorating), how quickly you can move in, how long you want to rent for and how much notice you would need to leave if a long-term tenant was found. The more flexible you can be the better.
You could also speak to your local Council (ask for the Town Centre Manager or Economic Development dept) to ask what their policy is on renting out their own empty shops. Some councils are also introducing schemes to help people access empty shops (the Rotherham Council Business Grant Scheme is one I heard about recently).
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