Monetize your vacant retail space in Singapore
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Why we need to rethink vacant about retail spaces in Singapore?
According to the 2016 Retail Property Market Report, Singapore has a total of 1,858 retail spaces. This number is projected to increase by about 3 percent by 2020. However, according to the Land Transport Authority (LTA), there are still many vacant retail spaces in Singapore and some of them are not properly occupied.
There is a lot of space that could be used for more productive purposes such as parking lots or storage facilities. In this regard, it is important to rethink how we manage these empty retail spaces and how they can be used for more productive purposes instead of just being left open for public use.
There are several reasons why we need to rethink vacant about retail spaces in Singapore.
- First, there is an extremely high demand for retail space in the city-state.
- Second, the market for retail space is growing rapidly and is expected to continue doing so.
- Third, there are many potential uses for retail space that are not currently being used.
- Finally, the city-state has a strong presence in the global economy and there is potential for businesses to set up shop in Singapore and reach new markets.
These are the reasons why we need to rethink our retail spaces in Singapore if we want to keep up with our economic growth and make sure that we don’t run out of space any time soon.
How to start a retail venue rental business in Singapore?
Starting a retail venue rental business in Singapore can be an exciting venture, offering an array of benefits such as a low cost of entry, high returns, and a unique opportunity to capitalize on the thriving retail landscape of the city-state.
While the prospect of starting a business in Singapore may appear daunting, with the right information and guidance, anyone can be successful in launching a retail rental venue.
There are a few key steps that you can take to start your own retail venue rental business in Singapore.
- The first step is to decide on the type of business you want to start. There are many different types of retail venue rental businesses, such as hotels, casinos, and more.
- You can also decide how much rent you want to charge for your space.
- Once you have decided on the business model, it is important to figure out the necessary equipment and materials that will be needed to run your business successfully.
- Then, you must find a strong partner who will help support your venture. This could include funding, marketing assistance, and more.
Once all of the necessary groundwork has been put in place, it is time to begin building your business! With the right information and guidance, you can be well on your way to creating a successful and profitable retail venue rental business in Singapore.
List your retail space in Singapore and get bookings today!
The advantages of listing your retail space in Singapore with Storefront
1. Free Trial
2. Connect with amazing projects
3. Maximize your visibility
Is my space a good fit?
Discover your space’s potential on Storefront.
Utilize our free calculator that evaluates your space by comparing it to similar listings on Storefront. You’ll receive an estimate of the inquiries and bookings your space could attract.
How to succeed with Storefront
Maximize your retail space’s potential with three easy steps to win more renters on Storefront.
- Enter your daily price so that it is publicly displayed. Pricing is necessary to get relevant requests from qualified renters who can afford your retail space.
- Photos are your most important marketing tool. Listings with at least six high-quality photos taken from a variety of angles get more bookings than those without.
- Update your availability calendar to show prospective renters when they can book.
- Respond to inquiries within 48 hours. Projects often find a new space within five days – keep a competitive edge with a speedy reply.
- Enable SMS notifications to close deals faster. Hosts with SMS notifications enabled are more likely to be able to start a conversation and get a quote within 24 hours.
- Always accept payments through the Storefront platform. Add your bank account information to get faster bookings. Then you can pre-approve brands to rent your retail space. Learn more about collecting payments here.
- Boost your space to appear higher in the search results. Once your listing is live you have the option to Boost your listing with a monthly subscription. Boosted listings appear at the top of relevant searches and consistently receive more views, inquiries and bookings.
Monetize your empty retail space in Singapore
Listing your retail space in Singapore with Storefront in three steps
- It takes 5 minutes
- Take some great photos
- Get your contact and payment details ready
How to set up a retail venue in Singapore?
Setting up a retail venue in Singapore can be quite challenging, as there are so many options and prices to choose from. However, with the help of an experienced business partner, it can be easy to find the perfect retail space for your business.
- First, look at the location of your business and see if there is any room that could be developed into a retail section.
- Next, decide on the size of your store and how much space you want to allocate to this area.
- Finally, make sure that you have the necessary permits and licenses in place before starting your venture.
Retail is a very competitive industry in Singapore. With the rise of e-commerce, there is an increasing demand for retail outlets. A retail venue can be a good place to sell products and services that you offer to your customers.
Find more renters with amazing photos
- Take professional photos
- Write a top-notch space description
- Put down the right pricing
What to do with vacant retail space in Singapore?
As Singapore continues to develop, many retail spaces have been left vacant due to the changing needs of the nation. This has posed an issue for many landlords, who are looking for ways to utilize the space.
There are several ways that businesses can use vacant retail space in Singapore.
- Some businesses may choose to open their stores.
- Others may partner with local development companies to lease or buy space.
- Some entrepreneurs may also start online stores in the space.
A vacant retail space in Singapore is a great opportunity for property developers and retailers to get their foot in the door. The land is cheap, there are no laws or regulations in place and it’s easy to rent out.
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How long does it take to fill vacant retail space in Singapore?
The problem of empty retail space in Singapore is a common one. The market growth and the need for more retail space have created an ever-increasing demand for retail space. However, there are still some vacant spaces that need to be filled. The process of filling vacant retail space in Singapore can take anywhere from a few months to several years.
The main reason for this is that the market for retail space in Singapore is extremely competitive and highly demand-driven. To find and fill a vacancy, businesses typically look at various sources, including property developers and real estate agents.
It takes about 2-3 years for new retail space to become vacant in Singapore. This is because there is a high demand for retail space, and businesses are typically forced to compete with each other for the available space.
Fill your vacant retail space in Singapore with Storefront for free!
How to make an empty retail space look inviting in Singapore?
In Singapore, businesses that have empty retail spaces often find it difficult to make them inviting. This can be particularly challenging for smaller businesses that lack the resources to stage the space for potential customers.
There are a few ways to make an empty retail space look inviting in Singapore.
- One way is to add some beautiful plants or flowers to the space, which will give it a more positive and inviting feel.
- Additionally, you can also add some nice pieces of furniture or accessories to make the space feel more comfortable and interesting.
- Finally, if you want to go all out and create a complete retail store, you can consider hiring a professional decorator to help with everything from the exterior design to the inside of the store.
All of these ideas will help make the space feel more commercialized and inviting.
5 Key Steps to Managing a Successful retail Venue Business in Singapore
As a retail business owner in Singapore, it is essential to have the right strategies in place to ensure the success of your business. With the rise of online shopping, Singapore has seen a decline in retail sales. To reverse this trend and remain competitive, retailers need to adapt to the changing market.
Here are the five key steps to Managing a Successful Retail Venue Business in Singapore.
- Plan your business strategy
- Hire and train staff members
- Create an engaging atmosphere for customers
- Build strong brand identity and reputation
- Monitor your performance
By following these five key steps, retail venue business owners and managers can ensure the continued success of their businesses.
Make your retail venue in Singapore successful with Storefront
Any type of space can thrive on Storefront, from vacant retail space to industrial lofts.
After all, one thing that makes Storefront unique is its diversity of options.
Maximize Your Storefront Listing
Once it’s published, Boost it.
Boost your listing for more inquiries
- Once you’ve created your listing in the Storefront platform you will have the option to Boost it.
- Boosted listings appear at the top of search results, outranking similar spaces.
- Boosted listings receive more views, inquiries and bookings.
- Boosting a listing is a monthly subscription that can be canceled at any time.
- The cost to Boost a listing depends on the type of space and location.
- When your listing is live you will see a Boost button next to each listing in the ‘manage listings’ section of the platform.
How to make money with renting your commercial retail space in Singapore?
As the retail industry is one of the most competitive in Singapore, retailers must find ways to make money. One way to make money is by renting out your commercial retail space.
There are a few ways to make money with renting commercial space in Singapore.
- One of the best ways to make money with renting your commercial retail space in Singapore is to find a tenant who is willing to pay a high price for space and then charge an equally high rent. This will allow you to make a profit on every square foot of space that you rent out, which can be helpful if you want to start or grow a business in the city.
- Another great way to make money with rented commercial space is by selling products and services that your tenants may use in their businesses. This could include providing design services, marketing support, or even event catering.
If you have access to a large enough audience and can offer quality products at a good price, you could likely make some decent profits from rented commercial space.
5 Ways to Monetize Your retail Space in Singapore
Retail space is one of the most valuable assets for a business. A properly managed retail space will help you to attract more customers, increase your brand awareness and visibility, and ultimately boost your revenue.
However, a poorly managed retail space can lead to a loss of customers and revenue. There are many ways to monetize your retail space in Singapore. Here are five ways to monetize your retail space in Singapore.
- Renting out the space for events: Events like product launches and conferences can generate a lot of foot traffic around your retail store. This leads to more visibility and sales opportunities.
- Renting out the space for workshops: Workshops such as cooking classes and fitness classes can also generate a lot of foot traffic around your retail store, which leads to more visibility and sales opportunities.
- Renting out the space for private functions: Private functions like weddings or corporate parties can also generate a lot of foot traffic around your retail store, which leads to more visibility and sales opportunities
- Advertise on social media: Social media is an excellent way to reach customers who are looking for products similar to yours or seeking advice on how they should style their wardrobe
- Sell products online: Sell products online through social media.
All of these methods have different benefits and drawbacks that businesses should take into account when planning their monetization strategy.
Advertise your retail space in Singapore on Storefront for free today!
Renting out retail space in Singapore
Renting out retail space in Singapore is a good way to make money. It can be done by renting out the space for a single day or long-term basis.
There are a few ways in renting out retail space in Singapore:
- Renting out retail space in Singapore is a viable option for many businesses. It can be a great alternative to running your physical store. The retail market is highly competitive and it can be hard to stand out from the crowd.
- Renting out retail space in Singapore gives you the chance to focus on what you do best – product development, customer service, and marketing.
Renting out retail space in Singapore can be a great way to increase your business’s visibility and reach new customers. With so many options for retail spaces, it can be hard to find the perfect location. However, renting out space in one of the city’s leading shopping areas can help you stand out from the competition and make a big impact on your business.
Guidelines for renting out retail space in Singapore
With the rapid rise in e-commerce, more and more businesses are opting to rent out retail space in Singapore. To make sure that your retail space will be successful, you need to follow certain guidelines. Here are some of these guidelines:
- Choose a location that is accessible and near public transport.
- Make sure the area has good foot traffic.
- Make sure the area has a high level of visibility.
- Have enough parking spaces available for customers and employees.
Singapore is a small city and Singaporeans are generally more concerned about the quality of their living environment. Therefore, businesses need to follow these guidelines.
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Advertise your retail venue in Singapore
Singapore is a country that offers a lot of shopping opportunities for its consumers. As such, retailers need to advertise their retail venues in Singapore. In Singapore, there are many different ways of advertising your retail venue.
- You can advertise with digital signage, outdoor advertising, or by using social media platforms like Instagram or Facebook.
- You can also use the website as an advertisement tool. This includes creating and updating your website to offer information on your store’s layout and products.
The key to advertising your retail venue in Singapore is by choosing the right media, location, and timing. To get people to come and see what you have on offer, you must advertise your retail venue in a way that appeals to their needs.
Frequently Asked Questions
Having a live listing on Storefront requires a paid monthly subscription. However, we offer a free 45-day trial which doesn’t require credit card or bank details to get started.
After the free trial ends you will have to upgrade to a paid subscription to keep receiving inquiries.
Storefront takes 20% of the rental price as a transaction fee. This all comes out of what the renters pays. When you set your price in the platform you will clearly see how much you will receive per transaction.
Storefront offers a free trial of 45 days for new listings. After 45 days you will have to upgrade to a paid subscription to keep your listing live.
At the end of the 45-day free trial if you do not upgrade to a paid subscription your listing will be deactivated an go offline. Offline listings will no longer be visible to renters and you will no longer receive inquires
Once a space goes offline you will need to upgrade to a paid subscription to put it back online. As soon as you subscribe your listing will be visible to renters and you will start to receive inquires again.
Unfortunately not. Duplicate listings will not be approved and any such listings will not go live until the Listing Owner upgrades to a paid subscription.
After your 45-day free trial has finished you will need to upgrade to a paid subscription to keep your Listing live. The subscription is a monthly price that varies country to country. In the United States it costs $49 a month. Prices for other countries are similar but vary slightly depending on currency.
It takes less than 5 minutes to set up a listing. Check out this guide on how to list a space or click here to get started.
You can use the chat function to speak with renters in the platform. After you have worked with us for a
while you will be able to speak directly with them by clicking the ‘Request To Call Back’ button. This will
allow you to arrange a time to have a call with the brand. Please note: This functionality is not available to
everyone and we reserve the right to remove it if we feel it is not being used responsibly.
It usually takes 3-7 business days to process your payment.
Once you have confirmed your availability with the contact, you can click the button that say “Arrange
a visit” here you can suggest multiple dates and times that the brand can select.
A broad range of brands and renters use Storefront to find venues and spaces for their projects. From high street apparel to
high end showrooms and corporate events. If you make it clear in your listing what types of renters your space is
most suited to (including, event type, description, minimum duration, pricing etc.) you should only receive inquiries
from renters within your target demographic.
We do not organise viewings if you manage the listing. A select number of Storefront Listings are operated by the Storefront Concierge team but this is only for a very small number of listings and is a billable service (you will probably have to pay for it).
If you would like Storefront to manage your listing (including visits) please let us know and we will see if it’s something we are able to accommodate. There may be a fee involved. The best option will be for you to arrange your own viewings
with renters.
All types of commercial real estate perform well on the Storefront platform. Anything from retail, photo studios and art galleries to showrooms and warehouses. We attract a broad range of renters looking for all manner of use cases.
If the brand wishes to rebook, please instruct the brand to go back to the Storefront listing and rebook.
This is part of Storefront’s terms and conditions of usage and if you do not correctly follow this process we reserve the right
to pursue any guilty parties for breaching the terms and conditions.
Yes you can you can refuse a project if you feel the inquiry does not suit you or your listing.
Listing your space with Storefront takes five minutes. We have created a video walkthrough on how to list a space that can be found here.
Once your listing(s) has been published on Storefront you are immediately visible to potential tenants and able to start receiving inquiries. However, it is highly recommended that you scroll up and read the ‘How to succeed with Storefront‘ section of this page.
A highly optimised and well-managed listing will receive more inquiries and you will get more out of the Storefront platform. Optimising and managing your listing is straightforward, easy, and well worth the few minutes it will take.
We have created this video to help you.
You can also Boost your listing for a monthly subscription. This is done after your listing is published and live and will ensure your listing is one of the first relevant prospective renters see when searching the Storefront platform.