How To Pick The Perfect Location In New York For Your Boutique
Opening up a clothing boutique in New York can be an extremely profitable venture, if you pick the right area. While there is a science to choosing the best area for your shop, which is why renters hire buyer agents and landlords hire business brokers to “sell” their spaces by asking for key money. There are some easy pointers to help you.
For beginners to the boutique business, you need to focus on identifying who your optimal clientele is, as well as where they live. Does your client base contain investment bankers looking to spruce up for an evening award ceremony, or are they artists at the New York Fashion Institute who are searching for garments to use while painting? Your following action is to search for a location where your target market either lives, or the very least shops in. In the example of the university market you would certainly intend to have your clothing shop near a college school, preferably in a location surrounded by more than one college.
Although there has been a major shift to e-commerce in recent times, the majority of retail still takes place in brick and mortar locations.
While if your boutique is targeted to lawyers, you can base your boutique on the facilities of an office complex that has law firms as tenants, or near a courthouse. Prior to dedicating to an area, hang around in the area to see if individuals actually look for their clothing there, or do they hurry by on their method to college or job. Just because the business space is located at prospective consumers does not suggest that they will certainly quit there to boutique. Make sure that your offerings or your prices are attractive enough to oblige people to enter your clothing business.
An additional essential facet is the expense of the location. While a prime retail location in a heavily trafficked avenue, such as Browadway or Fifth Ave, might appear optimal, if it's also expensive you will be aggressively pushed to cover the rent. You are much better off renting out a boutique that is somewhat off the beaten path, and bring in clients via word of mouth as well as your advertising and marketing initiatives. This route will allow you to conserve money on the rental fee, plus the square price per foot in rent, which you can use to buy wholesale garments to stock your boutique with.
Ensure that the location is not too distant from the areas where your consumers congregate, since if the trip is inconvenient, consumers will less likely to return to your shop. In recap, in order to locate the very best location to open an apparel shop you need to, assess your prospective customer base, find an area where they shop, select a boutique near yet out one of the most expensive avenues, and also guarantee that it's quickly obtainable to consumers.
You will also want to pick a neighborhood that is known for boutiques that carry the type of merchandise that you will be selling. By locating your boutique in a neighborhood that is known for your type of merchandise, you will have a better chance of attracting foot traffic into your location.
While most retailers think of Manhattan as the ultimate market, there are plenty of strong retail markets in the other four boroughs: Brooklyn, Bronx, Staten Island, and Queens.
If you need a commercial broker to help you find a location, you can try contacting real estate firms such as Douglas Elliman and KSR New York. You can also search for commercial space on websites such as loopnet.com