As defined by Businessdictonary.com, opportunity cost is: a benefit, profit, or value of something that must be given up to acquire or achieve something else. Understanding the principles of opportunity cost should get any business person amped up about making a profit on vacant retail space.
We’ve all seen it, a vacant retail space in a strip center or shopping mall just waiting for the next best thing to come along. Commuters (and potential customers) just driving by, day and night. Well, wait no longer! StrasGlobal’s Rapid Retail program could very well be the solution these building owners have been looking for. Statista.com estimates that as of Q1, 2018 retail vacancy rates in the United States sit at 12.2% and will decline to 12.0% in just one year’s time (Q2, 2019). With the expected decline of retail vacancy rates, it is imperative that the space available is utilized to its fullest extent.
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So how can you capitalize on this vacant space?
Traditional construction of a retail location can take months to complete. StrasGlobal can cut this time down significantly (down to 4-weeks in some cases). Utilizing modular building technology, we are able to construct retail interiors off-site (in climate protected warehouses) and ship them to your place of business. This truncated timeframe means that you’ll be servicing your customers, and putting money back in your pocket, much sooner.
Aside from the set-up benefit, modular design allows for component flexibility – to allow changes as your business changes.
Developing the retail plan and store layout, aligning the necessary vendor needs and ensuring all of the required paperwork is approved is just part of what StrasGlobal offers our clients.
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Think of the potential that vacant building space could deliver; think of the opportunity cost of allowing it to sit vacant. Can you afford that? Could this be the next quick service restaurant in the neighborhood, the next C-store with unique offerings and courteous staff or will it be the coffee shop or yogurt place that customers can’t pass up? Regardless of your desire, Strasburger Retail can help you achieve your goals.
For 35 years StrasGlobal has represented the best of the convenience industry’s entrepreneurial spirit and drive for innovation – providing turnkey small format retail site contract operations, staffing services, accounting services and retail consulting to companies large and small.
Contact us to learn how StrasGlobal can help you capitalize on your vacant retail space.