I’m a keen student of the bi-annual profit reporting season. I love nothing more than reading up on what the big companies in my sector are doing and figuring out if there are new market trends I need to react to, weaknesses I can exploit or strategies I can borrow.
If like me you have been reading the profit reports of the retailers, you will notice they are all talking tough about rental costs, which are hurting as retail sales come down.
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Plenty of big retailers – Noni B, Just Group, JB Hi-Fi and The Reject Shop, to name a few – are threatening they will shut stores if they can’t get better deals on their rent.
Start-up businesses should take note of this. In retail in particular, landlords are battling the same structural change that shop owners are and appear to be more willing than ever to do a deal.
There are often attractive incentives for entrepreneurs opening new stores and a growing trend is very attractive terms for entrepreneurs willing to open in a site left vacant by a retail collapse.
These incentives and sweetheart deals might only cover the first year or two of your business, but they are well worth investigating.
Get it done – today!