Monetize your vacant retail space
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Why we need to rethink vacant about retail spaces?
Nowadays, it seems like everywhere you look, there’s a “For Lease” sign posted in the window of retail space. The pandemic has forced many businesses to close their doors for good; as a result, retail vacancy rates have reached an all-time high. This is bad news for landlords but also bad news for cities and towns that rely on sales tax revenue from retail businesses to fund vital services.
It’s time to rethink the way we view vacant retail spaces. Instead of seeing them as a drag on the economy, we should see them as an opportunity. With a little creativity, these spaces can be transformed into community hubs that offer a wide range of services and activities.
- Think about it – what if there was a community garden, a place for kids to play, or a co-working space instead of an empty store? These are just a few of the many possibilities.
- The retail industry is in peril. As a consumer, we are at a crossroads. We either abandon the shopping mall concept altogether or join with the local community and businesses to reinvent it.
- As the consumer, you can work with your local government to create incentives that would encourage a business to rent a space in a retail strip mall.
The local government can help to promote the business and drive more foot traffic to the area. The consumer can take the time to find a local business that fits their needs instead of always shopping at a big box store.
How to start a retail venue rental business?
You can start a second-hand retail venue business in your locality by starting a Facebook page and getting it advertised on social media to attract customers. You can also buy and sell second-hand products on classified websites for rent and sell at different venues in your area. Starting a retail venue rental business can be a great way to earn extra income. Here are a few things to keep in mind when starting your business:
- Know your target market. Who will be renting your space? Make sure you understand their needs and what they are looking for in a rental space.
- Location is key. Choose a location that is convenient for your target market.
- Keep your space well-maintained. This will help ensure that your renters are happy and will want to continue using your space.
- Promote your business. Let people know that you have rental space available. Use word-of-mouth, social media, and other marketing techniques to get the word out.
Follow these tips, and you’ll be on your way to starting a successful retail venue rental business. You can also rent out your home as a retail space and do the selling of products at the same time. You can also approach your friends and relatives who are interested in buying products from you to become your first customers.
List your retail space and get bookings today!
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How much can I earn by renting out my space ?
Ever wonder how much revenues are you missing out ?
Storefront provides a calculator that takes simple inputs like address of your space, city, and space types. We will provide you with an overview analysis and potential income you can make with Storefront platform.
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
Listing your retail space 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?
There are numerous things to keep in mind when you want to open your own retail shop or store. If you are prepared, then you can successfully open the retail shop or store of your dreams.
- First and foremost, you need to choose a location that is easily accessible to your target market.
- Secondly, you need to make sure that your store is well-lit and inviting.
- Lastly, you need to have a clear and concise layout that makes it easy for customers to find what they are looking for.
By following these simple tips, you can set up a retail venue that is sure to be successful.
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 recent years, the retail industry has experienced a major shift. With the rise of e-commerce, many brick-and-mortar stores have been forced to close their doors. This has left a large number of vacant retail spaces across the country. So, what can be done with all of this vacant retail space? Well, there are a few options.
- Some property owners may choose to simply leave the space vacant. Others may decide to lease it out to another retail business. And still, others may choose to repurpose the space for another use entirely.
- Which option is best for a particular property owner will depend on a variety of factors, including the location of the property and the current market conditions. However, all options should be carefully considered before a decision is made.
- If you have a vacant retail space sitting idle, you should hold onto it for now. According to the latest REJournals, the overall retail vacancy rate in the United States stands at 5.6%.
This is up from 5.3% in 2018 but still much lower than the 8.1% rate from five years ago. In the last couple of years, mall REITs have seen a rise in their vacancy rate, with the REITs’ vacancy rate rising to 7.8% in 2017 from 6.3% in 2016.
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How long does it take to fill vacant retail space?
When a retail space becomes vacant, it can be difficult to know how long it will take to find a new tenant. There are a number of factors to consider, including the space’s location, the space size, and the space’s condition.
- If you’re a landlord with a vacant retail space, it’s important to be patient and work with a qualified real estate agent to find the right tenant. With the help of a professional, you can find a new tenant for your space in a timely manner.
- Vacant space is a problem in today’s retail industry. And although retailers are starting to fill empty stores, it’s taking longer than it should.
The retail industry is vital to the overall health of the U.S. economy because it supports so many jobs. But in order to thrive, retail stores need to be fully occupied.
Fill your vacant retail space with Storefront for free!
How to make an empty retail space look inviting?
An empty retail space can be an eyesore, but it doesn’t have to be. With a little bit of effort, you can make an empty retail space look inviting and inviting to customers. Here are a few tips to get you started:
- First, take a good look at the space and assess what you have to work with. You may need to do some minor renovations or simply give the space a fresh coat of paint.
- Next, consider the layout of the space and how you can best utilize it. For example, you may want to create a cozy seating area near the front of the store or highlight certain areas with display cases.
- Finally, add some finishing touches that will give the space personality and make it inviting to customers. This could include adding art to the walls, adding greenery, or playing soothing music.
While the ideas above are all great ways to better your retail space, it is important to remember that a successful retail space is a combination of multiple parts. What worked in the past may not work in the future. Your customers will only be truly satisfied when you can offer great products with great service in a great location.
5 Key steps to managing a successful retail venue business
We are the retail industry’s most comprehensive source for retail real estate, statistics, and news. Over the years, we have established a reputation for solid information, accuracy, and reliability. The retail venue business is a challenging and rewarding industry. To succeed, you need to take a few key steps.
- You must have a clear vision for your business and what you want to achieve.
- You need to build a strong team of employees who are passionate about your vision and are committed to helping you achieve your goals.
- You need to create an inviting and engaging customer-centric environment.
- You need to focus on creating a memorable customer experience.
- Finally, you must constantly monitor your performance and make adjustments to ensure you are meeting your goals.
By following these key steps, you can set your retail venue business up for success.
Make your retail venue 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?
Retail spaces are often empty because of the high cost of the rent. But with smart retail design, empty spaces can be used to create a more inviting atmosphere. In order to manage a successful retail venue business, there are key steps that must be taken.
- First, it is important to have a clear and concise vision for the business. This vision should be communicated to all employees so that everyone is on the same page and working towards the same goal.
- Secondly, it is crucial to have a strong marketing strategy in place. This strategy should include both online and offline marketing techniques in order to reach the widest audience possible.
- Third, it is important to have a well-organized and efficient operations team. This team should be responsible for overseeing all aspects of the business, from inventory to customer service.
- Fourth, it is important to always be innovating and adapting to the ever-changing retail industry landscape.
- Finally, it is important to have a strong financial foundation in place. This includes a solid business plan and a good understanding of the costs of running a retail business.
Although most of the profit from the retail stores will be received by the mega-retailers, the retailers and the management ought to ensure that they make the best use of the opportunities.
5 ways to monetize your retail space
Retail venues are a great way to generate revenue and make money. But it is not easy to run a successful venue business. This is because there are many factors that come into play.
You are always looking for ways to increase revenue and profits as a retailer. One way to do this is to monetize your retail space. Here are five ways you can do this:
- Rent out space to other businesses
- Sell advertising space
- Host events
- Offer loyalty programs
- Provide services
By monetizing your retail space, you can increase your revenue, attract new customers, and grow your business.
Advertise your retail space on Storefront for free today!
Renting out retail space
Many people are skeptical about the idea of renting their retail space. They think that there are more viable options for them and that it is better to invest in a property instead. However, renting your commercial retail space offers many ways to make money.
- First and foremost, you need to make sure that the space you’re renting is in a good location. This is important because foot traffic is key for retail businesses.
- You also need to make sure that the space is the right size for your needs. It’s no use renting a huge space if you only plan to use a small portion of it.
- And finally, you need to be aware of the costs associated with renting retail space. Make sure you factor in things like utilities, insurance, and maintenance.
To maximize the profits from renting out your commercial retail space, you should consider those factors before signing on the dotted line with any potential tenant.
Guidelines for renting out retail space
As a commercial landlord, consider renting out retail space to a tenant. Before doing so, there are a few things you should take into consideration. Here are a few guidelines to help you through the process:
- The first step is to determine the use of the space. You will need to know what restrictions are in place for the type of business that will be conducted in the space.
- Once you have determined the use, you will need to set some guidelines for the tenant. This will include things like hours of operation, noise levels, and signage.
- Be sure to do your homework on the tenant. Check their credentials and references to ensure they are able to meet their financial obligations.
- Be sure to do your homework on the tenant. Check their credentials and references to ensure they are able to meet their financial obligations.
- The most important thing to do before you rent out your retail space to a tenant is to plan your retail strategy and then market your business properly.
You need to think about how your business will interact with your customers and whether you want to focus on a local audience or a more national customer base. This is crucial since it will dictate the size and location of your space and the kinds of services you provide.
Advertise your retail venue
As a retail business owner, you are always looking for ways to increase foot traffic and sales. One way to do this is to advertise your retail venue.
- There are many ways to advertise, and the best way to choose is to figure out what your target audience is and what will reach them the most. Traditional methods such as print, radio, and television advertising can be effective but can also be expensive.
- If you are on a tight budget, many low-cost or even free options are available, such as online directories, social media, and word-of-mouth.
No matter what method you choose, make sure your advertising is creative and attention-grabbing to ensure that potential customers take notice.
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.
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
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.
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.