Waad Nadhir is an expert in property development living and working in Bloomfield Hills, Michigan. He is the President of BOSC Realty Advisors, which has consulting clients and developments throughout the United States. As a leader of the BOSC Group, Nadhir has acquired, financed, and managed several office and retail properties in the local community. Here are his three key factors for successful retail store development:
Location must have high foot traffic. Many retail businesses have moved online because getting consistent foot traffic to sustain a brick-and-mortar store can be difficult. Waad Nadhir says that finding a few areas in an urban area that could sustain many members of a business’s target audience is the first key to successful retail property development.
The overall size of the retail property must match the target audience in an area. Waad Nadhir says that in addition to location, the size of the property must be appropriate for the area. Communities with many large box stores will smother a small mom-and-pop shop, and a large retail space could be difficult to find community support for in areas that have many small boutique stores.
Correct Co-Tenancy. Sometimes foot traffic has as much to do with the neighbors’ stores as it does with your own. Stores that attract the same clientele or that attract many customers for any reason are good to have next to a new retail development.
Waad Nadhir has helped many retail development projects turn into thriving businesses.