Are you looking to expand your brand reach with a retail store and are not sure whether this is a worthy investment? New York City is one of the world’s most popular cities for retailers. Here are some reasons why should take up retail space for rent NYC;
Test the market
New York City is the ideal place to test your services or products in front of a global audience. A significant percentage of the NYC population are people from other parts of the world. You can use this city as a stepping stone to the global expansion of your looking to break into new territories.
Become part of an established community
NYC is a melting pot of many cultures, styles, and customer base. By setting up a store in this city, you will be joining thousands of other businesses and brands that are part of an established community.
Reach new customers
If you’re looking to expand your product reach, you can set up a shop with the aim of discovering where your customers shop. Before you consider opening a store it’s a good idea to research where your target market would shop. If you are selling unique handmade crafts your best option may be to open a store in places like Williamsburg, or if it’s antiques you are selling you may want to consider Brooklyn Flea Market. Access millions of people in NYC including international visitors and open your doors to your business to established customer bases.
Tap into the diverse customer base
Millions of people visit NYC every year for business and adventure. They spend millions of dollars purchasing gift items and souvenirs even as others have made this city their shopping destination. This means that a shop will give your brand or business a global appeal as you tap into the diverse customer base.
Did you know you can take advantage of the low-cost temporary retail space to rent NYC and use it as a stepping stone for global expansion? This city is home to hundreds of international brands because of the higher returns on investment.
Access a huge market
The retail business in NYC is estimated to be equivalent to millions of dollars. You can take advantage of this huge market by positioning your brand in front of a billion-dollar market. You can’t go wrong with investing in this market.
Amplify your brand
A bricks and mortar store is a great way of amplifying your brand. NYC has an international appeal with more international retailers so you can be sure to get great exposure for your brand.
Energize your brand
Do you have some cutting-edge ideas you need to try out? You could consider using a pop-up store to experiment with these ideas and concepts and see how well your brand will be perceived and received while keeping the overheads and risks low.
How to Target Customers for your Retail space for rent NYC
You must set up your brand or business in a strategic retail space to tap into the right customer demographic, in order to make the reasons discussed above a reality. This means taking time to do some market research so that you have insights into your existing and potential customers.
For you to ensure you’re targeting the right audience, you need to take the following into account:
Identify and find your audience.
You can leverage your existing database to determine where best to set up your store in NYC. Find out where most valuable prospective customers work, live and shop, the products you’ll sell and best marketing and communication channels.
Get closer to customers.
Once you open your pop up store in NYC, you need to take advantage of in-store devices, bespoke apps, newsletters, social media and websites to find out what inspired shoppers to visit your store, the number of people visiting and where they’re from, the impact of your marketing campaigns, what customers bought and your pop up store’s revenue.
Retail space for rent NYC may be what you need to take your business to the next level. However, you must be willing to do due diligence by spending some time on research to clearly outline what a commercial store will do for your brand. It’s only after weighing in on the advantages and disadvantages that you can then decide to invest.
You must have a plan for your business that is geared towards achieving the goals of this store. This will give you a perfect opportunity to match the concept and the space to ensure it’s worth every penny. Do not forget to take various other factors like heating, wi-Fi, security, toilets, fitting rooms and lighting among others into consideration.