Commercial Real Estate: Thinking Through The Mindset and Lifestyle Preferences of Your Customer and Client Base "Strategically Aligning Your Business Location with Customer Lifestyles and Mindsets for Success"

by Raideesha Francis (Licensed Real Estate Broker / The Distinctive Lifestyle Real Estate Company)

As a licensed commercial real estate broker, I understand the complex landscape of property selection. I have witnessed firsthand how crucial it is to align your business location with the mindset and lifestyle preferences of your target customer base. The success of a business isn't just about finding a high-traffic area or a turnkey storefront; it's about creating an environment that resonates with your clientele on a deeper level. In this article, I will share insights and strategies to help you make informed decisions that go beyond superficial factors, ensuring your business thrives in its chosen location.

• Mindset and Lifestyle Considerations: Before choosing your next brick-and-mortar location, it's crucial to deeply understand the mindset and lifestyle of your client and customer base. Beyond factors like a turnkey storefront or high-traffic area, consider whether your customers will truly enjoy and connect with the experience your business aims to offer. Ask yourself, "Will my customers find value and satisfaction in this location that aligns with our brand's promise?"

• Creating the Right Environment: When selecting a location, consider a blend of environment, accessibility, climate, amenities, and more that is attractive, desirable, and has features that will entice repeat business. These physical elements are crucial in creating an atmosphere that not only attracts but also ensures ease of access for all customers. The surrounding area must reflect the unique experience your business aims to create, making it convenient and inviting for customers to return.

• Strategic Location Selection: Choosing a space that effectively caters to your clientele is paramount and should align closely with your business type and customer preferences. It's crucial to identify areas where there is demand and enthusiasm for your offerings. When making commercial real estate decisions, rely on research and data rather than emotions to ensure informed choices that support your business goals.

• Cohesive Business Identity: Before selecting the physical location for your brick-and-mortar establishment, it's crucial to complete and finalize your business planning phase. A clear and comprehensive written plan should outline your concept, detailing the menu of products, services, and amenities that will be offered. Ensuring these elements are cohesive and complementary is essential to establishing a strong and consistent business identity. Your location could also impact what you're able to charge for your products and services, so choose wisely to maximize profitability and customer satisfaction.

• Creating a Seamless Customer Experience: Through meticulous planning and strategy, businesses can craft a unified customer experience. Inconsistencies in identity arise when there is a disconnect between your brand's promise, physical presence, and presentation. I've encountered situations where community vibe, location type, interior design, and offerings weren't aligned, leading to a lack of cohesion. Such mismatches can deter customer return visits.

• Environmental Considerations: When making decisions, factor in how climate, seasonal variations, terrain, and traffic patterns impact your business's accessibility. Seasonal businesses particularly rely on weather and environmental conditions for success, especially during peak holiday periods. The choice between indoor and outdoor venues should align with your business's purpose and operational needs. Additionally, consider innovative ways to utilize your space during the offseason or periods of lower business activity to maintain income streams.

• Considering the Customer Journey: When selecting a property, envision it from your customer's perspective. Whether it's a plaza, indoor mall, outdoor market, drive-thru, walk-up service, or standalone location with outdoor dining, imagine the journey your customers will take. Consider what they might think about on their way, the experiences they encounter en route, and their preparations upon arrival. Evaluate visibility and ease of access for pedestrians, public or private transportation users, and foot traffic to ensure a seamless and inviting arrival experience.

• Curb Appeal and Accessibility: As they drive up to your establishment, having a great curb appeal might be important. Consider what they should see and how they should feel before entering and immediately upon entering. Parking options contribute to the decision of whether to make the trek or not. With an understanding of their parking preferences, you could further grade your location based on what you can offer, such as designated or assigned parking. Also check if there is open parking, street parking, metered, pay by phone, free limited time, a parking garage that is free or paid, spacious parking spaces, or tiny slots that could be difficult for them to fit their vehicle in with the risk of damage by other vehicles that would be parked directly next to them. Would you offer curbside service, valet service, a combination of these, or free services, too? A great majority of people will leave and never return if it is difficult to access your products and services, including if they risk being ticketed or have to pay for a short trip. Just like it does not make sense to put a farming supply store in a metropolitan area, don't put your business somewhere where it can't or won't be appreciated or thrive.

• Strategic Positioning: A strategic approach and a mutually beneficial relationship with neighboring businesses could be establishing yourself in a location with complementary businesses that will contribute to your success. Survey the prospective area for possible relevant establishments. For a culinary-focused business, it will depend on your concept and menu of what you would consider complementary. A restaurant could thrive in an area with retail shopping outlets, a densely populated office building, and a residential community with disposable income. A dessert-only setup or bar complements your business if you don't offer these selections on your menu. Entertainment and sporting venues such as indoor skydiving, a concert hall, cultural events, and a performing arts center are also complementary if they don't sell food and beverages.

• Strategic Business Development & Focus: Rather than focusing on competition, I advocate for a proactive approach to business development. Redirecting attention from competitors, I encourage clients to concentrate on their business ventures—both operationally and strategically. Your business decisions solely impact your success. While industry awareness is crucial, fixating on neighboring businesses can lead to unnecessary stress. Study your sector, adapt as needed, and consider pioneering new trends. When selecting your next location, prioritize customer preferences and market demand.

Choosing the right commercial real estate location transcends mere space—it hinges on understanding and aligning with the mindset and lifestyle preferences of your customer base. By prioritizing an environment that enhances the customer experience, businesses not only foster loyalty but also drive sustainable growth. From meticulous planning and environmental considerations to cultivating synergistic relationships with neighboring businesses, each decision profoundly impacts the long-term success of your venture. Remember, your location isn't just a physical space—it's a strategic asset that can elevate your brand and resonate with your clientele. Through informed, customer-centric choices, you pave the way for a thriving business in the dynamic landscape of commercial real estate.

Disclaimer: The information provided in this article is for general informational purposes only and does not constitute professional real estate advice. The insights and recommendations provided are based on the author's experience and expertise in commercial real estate. While every effort has been made to ensure the accuracy and reliability of the information presented, readers are advised to consult with qualified real estate professionals for advice tailored to their specific circumstances and conduct their own due diligence before making any decisions regarding commercial property investments or business locations. The author and publisher are not liable for any losses or damages incurred as a result of reliance on this information.