If you’re starting a retail business, you most likely are looking for a place where you can put up your shop. There are many options you can choose from but, as much as possible, choose a space that’s near high-end apartments in West Chester, PA or any other place. This might seem like a crazy move; after all, commercial spaces in these neighborhoods tend to have higher rent. But, while this is true, you have to realize that the additional cost is worth it since you’ll enjoy several important benefits. These include:
Being near your target market
One of the biggest perks of setting up shop near apartments is that you’re incredibly near your target audience. You don’t need to worry about advertising your business since potential customers already know where you are; possible clients, in turn, don’t have to walk or drive far to find you since you’re just a few steps away from them. This doesn’t mean that you should just focus on apartment residents — after all, you do have to widen your client base — but you at least can hit the ground running since some of your target market are just a few feet away.
Attracting customers who have buying power
This doesn’t mean to say that people who live in luxurious apartments are millionaires, but the fact that they can afford to rent high-end apartments signify that they earn decent, above-average wages. Because of this, they have more than enough money to spend on clothes, shoes, bags, artisan food, and other products and will most likely buy or at least browse through whatever it is that you’ll sell.
Enhancing your business image
Everybody knows that commercial areas near luxury apartments are prime real estate. So, by renting a space in these areas, you’ll show everyone that you’re a professional and reputable business and give your brand a boost in the process. You’ll also impress your target audience and encourage them to drop by your shop.
Enjoying high sales
Setting up shop near high-end apartments isn’t a guarantee that you’ll become successful. However, it does increase your chances of having high sales and earning large revenues. For one thing, you’re near consumers who are usually short on time and are willing to pay extra to enjoy convenience. You can also create a partnership with the apartment owners or managers and offer to give small discounts to their residents. This way, the apartment residents won’t have any reason not to visit your shop, and you can easily bring potential customers to your door. The only things you should do are to convince them to buy your products and turn them into loyal clients.
These are just some of the benefits that you’ll enjoy if your retail shop is near high-end apartments. If you’re in Pennsylvania and are ready to set up your shop, why not get in touch with us here at 124 Marketplace? We own a five-story mixed-use building that houses apartments in the Burroughs of West Chester, PA, as well as retail spaces. Some of these spaces are already occupied by T’Ever Cafe and Jimmy Johns Gourmet Sandwiches, but there are plenty more for additional businesses. Contact us to find out how to be a part of our retail family!