Choosing the Best Commercial Retail Business Location While balancing Annual Rent Costs at the Same Time
The cost of living has increased; grocery stores sell eggs, bread and milk for nearly ten dollars. As bare essentials increase so do commodities we use on a regular basis. Gasoline for your vehicle fluctuates non-stop and the housing market to buy is also at its peak. These are necessities that we buy but what about the necessities that we do not buy, but rent?
Rent for your home or your business has also gone up in cost and expense. If you are in the position of getting into business what you will need no matter the business is a location. With location comes rent unless you are conducting your business from your home. But not all business can be conducted from the comfort of your home especially if you are in the business of commercial/retail where your success is driven by customer traffic.
Montreal is a great place to set up shop; on the other hand, it will cost a pretty penny for the rent and the location of your commercial or retail business. “With annual retail sales topping $40.8 billion, Montréal is Canada’s second-largest commercial hub. Renowned for its cosmopolitan flair, Montréal occupies a unique position in North America thanks to the European-influenced range of retail goods and products on display throughout the city.”
Commercial rental costs are determined by location and more precisely the customer traffic that it attracts. The chart below created by Colliers International, highlights the annual rent per square foot in US dollars; data for Montréal and other areas was collected in 2009:
|Annual rent per square foot in US dollars|
|New-York / Fifth Avenue||1,400.00|
|Paris / Champs Élysées||1,468.00|
|Londres / Bond Street||726.00|
|Montréal / Rue Sainte-Catherine Ouest||300.00|
|Toronto / Bloor Street West||280.00|
|Chicago / Michigan Avenue||240.00|
|Vancouver / Robson Street||205.08|
|Boston / Newbury Street||185.00|
The graph illustrates that Montreal has come in fourth at 300.00 annual rent per square foot in US dollars right under New York’s famous fifth avenue, Paris’s Champs Élysées and London’s Bond street. Location is important to your business in many ways to attract the right cliental to your store but location is also important when considering your overall monthly and annual expenses.
At DSD Groupe Design we provide both Market Analysis and Feasibility Study to increase your success. Because we are always communicating with other Retail Design and Development professionals, we are in a position to evaluate the strengths and the limitations of a proposed location, as it pertains to your business objectives.
We also provide Project Planning and Budgetary Planning. Opening a new or renovated retail store is an exciting, yet very crucial moment in the lifecycle of a business. For this reason, we believe that it is important to keep you well informed throughout the project, making it a positive experience, as well as a successful business decision. We present you with a calendar of events, outlining all the steps that need to be undertaken, and the budgetary projections that are essential to the project’s feasibility.
DSD Groupe Design offers a complete solution to your retail business project. Using our 30 years of industry experience, our team is in a unique position to assist you in making business decisions through the integrated services we offer our clients. Contact us today!