Choosing where to open your business is one of the most crucial decisions you will make; it will likely determine your business success. So where do you put up your business? The instant answer would be where your market likely hangs out. These are commercial establishments like malls whose marketing efforts ensure that the stores within are filled with foot traffic from the moment their doors open until the final hour of their daily operations.
However, despite their heavy traffic, opening a business in malls is still a risk because just like any huge industry, there is a tendency of oversaturation in the market. So businesses in mall stores have to work harder to differentiate themselves from the rest of their competitors.
But thanks to brilliant real estate visionaries, small business owners are now given much leverage to easily offer their goods and services to their target market in alternative locations: mixed-use developments, where residential spaces are complemented by commercial and retail spaces. This is one trend that is rather effective, but has yet to be maximized–not all SMEs know and take advantage of this lucrative avenue. With the boom of residential condominiums in the country, though, this location option for businesses is becoming more popular.
Business owners can now set up their stores in condominium developments where residents can conveniently shop for their essentials just a few steps from their homes.
Running a business in mixed-use developments has several advantages:
Convenience. Shops in residential condos offer a premium on convenience. Residents won’t need to travel far, endure traffic, and pay parking fees or public transport fares if they shop and dine in the stores within their building. For them, it is an easy decision to go to the stores within their developments because these are the easiest ones to go to.
Stress-free shopping, dining, and availing of services. Comfort is often equated to lower apprehension to purchase. Hence, people decide to purchase–whether it’s retail, food, or services–faster when they are comfortable. And what can be more comfortable than shopping within the confines of your own building?
Captive market. If malls provide guaranteed heavy foot traffic, residential condominiums provide business owners a captive market. If this were a sales funnel, you’d skip the whole filtering portion and go right down to that percentage where the probability to sell your goods becomes much higher.
Lower rent. Running a business in a residential area gives the business owner value for money because renting space in a residential neighborhood is cheaper than renting in a commercial establishment.
A more personal marketing approach. The image of a business shifts to a more approachable one when it operates in a residential setting. This is a good way of distinguishing your business from the rest of the homogenous shops in malls.
Perhaps the concept of mixed-use developments is one of the milestones of the real estate industry, as it defines and adds a new marketing dimension to normal small business operations. It provides business owners a viable option for a location for their businesses, and gives residents a chance to shop in peace, away from the noise and expense of malls.
Many Avida Land developments are either designed to accommodate shops or are located within the same community as these stores. Whether you are a business owner or a resident who appreciates shopping without the hassle of traffic, you must admit that shops an elevator ride away from home are truly convenient.
One more thing that gives Avida tenants a hassle-free leasing experience is Avida Retail Management. It helps business owners and entrepreneurs find the retail space that is a match for their concepts. Click here to inquire and apply for assistance.