It may seem like an insurmountable challenge to go from having an idea to opening your first shop. If you are in that position, we have some great advice from one of the greatest entrepreneurs in recent times...
Read MoreHow shop sharing can save you money
16 February 2021
Many retailers could benefit from sharing their space. An attractive store and the right location are vital in retail, but rentals in eye-catching and premium spaces can be expensive and hard to find. Add to this a tough economy, and it may be worth your while to consider shop sharing in order to save costs and generate additional revenue.
Ensure that your lease permits subletting.
If your lease doesn’t already permit subletting, ask your landlord to amend the lease to sublet space to another tenant. If you’re looking at a newlease, request a sublet option, just in case the need arises.
Post the space that you would like to share on SpaceMatch
SpaceMatch is a matchmaking site for space and space sharing. Listing space is free and you only pay a commission on the rental once a lease is signed.
Make sure your tenant runs a complimentary business
You will be working very closely with your new tenant and need to be sure that you will have mutual customers who will have an enhanced experience from visiting your store.
Also make sure that you get along and agree on the basics like daily responsibilities and store opening and closing hours,
Integrate your space -- and your businesses.
Some retailers selling complementary products end up sharing more than space. A good example is where complementary products help maximize store hours. One tenant could serve breakfast, lunch and snacks until 5 p.m., while the other could serve coffee all day and move into the kitchen for small plates and bar service later in the evening. Large expenses like point-of-sale software programs can also be shared for the benefit of both retailers.
The good news is that if you get it right, both businesses will save on costs and benefit from gaining new customers.