Monday, August 30, 2010
From our experience looking at retail store locations, if we choose to go ahead there's a simple decision we need to make. Do we want to pay a higher rent for a high foot traffic store location, or a lower rent for a lower traffic store location. As an example of how much rents can vary, prime space in Sydney's Pitt St. Mall is expected to rent for around $12,000 per square metre per year once the new Westfield development opens. Space literally 50m away upstairs in the Dymocks building on George St. rents for $500 per square metre. We think about 70 square meters would be the ideal amount of space.
We're hoping that we're more of a destination retailer in that people will have heard about us online and will go out of their way to visit our store, so we can rent something not in super prime space. In order to get our share of foot traffic we should aim to be amongst other stores who attract the same target market as us, professional women.
We're also thinking that renting a store with office space attached to it would be very convenient. So we're on the look out. Let us know if you think of any areas in Sydney that would be good for us.
Posted by Michael Fox at 3:57 PM