Retail Space Question?

Question

I just found out that I have inherited a retail space in my town, located just across the street from the post office; I was needing to know what to do with it. Some people that I have asked said to rent it out, but I can't due to the stipulations in the will, so what to do with this space. It is about 1200 sqf and is in very good shape. I am also on a tight budget. I am willing to do just about anything legal. Oh yea it is a very small town. Thanks for your ideas

Answer 1

Jenny -
I'm also from a small town. I always wanted to open coffee shop and/or some type of arcade. In general a place to become a bit of a social fixture in the small town.... other than the pubs and bars.

You maybe able to do a coffee shop on a tight budget but I'm sure an arcade would be out of the question.

How tight is a tight budget? Here are some ideas:

Space Rentals
If you are looking to somewhat make something out of nothing you lease space in a store to local merchants. If there is a niche good in your area that local merchants sell then you could charge the merchants a monthly fee to get a certain space in your store. Then you would handle running the register and store. So your service is space manager and store management. The product is the products of local merchants. I've seen this done very well in a craft store in Plymouth, MI.

You sell your space similar to advertising space in a magazine or newspaper. Certain area of the store go for more than others. Say next to the cash register or in front of windows is prime space where back walls are cheaper.

Pros: Very low risk.
Cons: Little reward over a flat monthly revenue. Merchant turnover if you don't get them business!

Simple Consignment Shop
You could also go with a consignment shop. Basically, it is similar to the above but you make your money pretty much on the commission basis when others sell their goods.

Pro: Your revenue potential is limited by how much you sell so you reap the benefits of huge sales.
Cons: The flip side of the pros, if you don't sell stuff you don't get paid.

HYBRID
You could always mix the above to create a hybrid of a shop with a mix of monthly fees and a commission on the sale.

I hope this was helpful.

Good luck!

Answer 2

You are so lucky! Open a store. You can make a business plan and go to the bank to get a loan. Private investors might be interested as well. Take what you love and make a career out of it.

You could also use the space for a charity. Either let them use it for free, or start your own.

Have fun!

Answer 3

You could have a sort of crafter's store. Local crafters could display their work and when you sell it for them, you get a cut of the profits. We actually have one of these in our local mall and it's doing quite well. Just be sure everything is actually made by the person and not being re-sold by them. It would be fun and maybe even profitable.

Answer 4

Once the will has been executed you can do what ever you wish with it.