How to Choose High-Performing Retail Locations in Lake Havasu
The Lake Havasu area is a promising market for a wide range of retail businesses. As tourism and the local population grow, Lake Havasu’s retail real estate is in high demand. Businesses looking to capitalize on this market have many good locations to consider. However, a lot goes into selecting the best location. This post explores steps business owners should take when choosing retail locations in Lake Havasu.
Guide to Choosing Retail Locations in Lake Havasu
Business Type and Target Customer
A retail location’s value varies depending on the business. An excellent fit for one might not work for another. It’s critical to understand your business model and ideal customer. Consider questions like whether your customers are tourists, locals, or both. Would your business benefit from access or proximity to the lake? Perhaps your company would be more successful in an area closer to where locals live. Understanding how a location aligns with your business model and ideal customers is critical to finding the right space.
Location Accessibility and Visibility
Valuable retail locations are typically easily accessible and highly visible. Consider proximity to and visibility from major roads. How easy is it for customers to enter and exit the premises? Is there sufficient parking? Foot traffic is another factor many retail businesses must consider. Signage opportunities are also an essential factor to consider.
Lake Havasu Retail Hotspots
Many retail business owners will want locations in Lake Havasu’s retail hotspots. The downtown area on McCulloch Boulevard is an obvious choice for many retail businesses. Tourism businesses often look for locations around the waterfront and London Bridge. Locations along Highway 95 offer vehicle accessibility and traffic, catering to a range of consumer segments. However, retail space in these locations is often more expensive. Some businesses might not benefit enough from the high-profile location to justify the higher rent.
Evaluate Competitors and Co-Tenants
The competitive landscape and co-tenants are other vital considerations. In some cases, being near a group of competitors can be beneficial. Think of a restaurant row or boutique shopping district. In other cases, it might be better to have some distance.
Beyond competitor locations, consider the other businesses sharing the property. Certain businesses might complement yours and make the space more valuable. If the location has a major anchor store, that could also attract traffic that benefits your business.
Financial Considerations and Lease Terms
Considering the financial terms when selecting a retail location in Lake Havasu is critical. Beyond base rent, consider the type of lease. Does the lease cover maintenance, property taxes, or insurance? What about utilities or waste disposal? How long is the lease, and what are the renewal options? You’ll also need to factor in upfront costs, like renovations and permits. No matter how good a space looks, it only makes sense if the finances add up.
Choosing the right location is crucial for the success of any business, but it’s a complex process with much to consider. Businesses should work with commercial real estate professionals when seeking retail space. A local professional has the experience and insights to help you find the best location.
Do you need help choosing a retail location in Lake Havasu? The team from Shuffler Commercial Realty has the knowledge and local insight to help you find the right location. Reach out now to schedule a consultation.
