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This category includes single tenant retail buildings, small neighbourhood shopping centres, larger centres with grocery store anchor tenants, and "power centres" with large anchor stores. A retail lease is a legal document outlining the terms under which one party agrees to rent property from another party. A lease guarantees the lessee use of an asset and guarantees the lessor regular payments from the lessee for a specified number of months or years.
One of the biggest operating expenses for businesses is rent. It is mostly long term which requires careful planning. You need to set a budget, look for a few quality options, and know how to negotiate your lease to find a place that is cost-efficient and ultimately meets your growing business’ needs.
Below are a some of the main steps on how to find and rent/lease a retail space for your store:
Obviously, there are numerous steps throughout the business start-up process and there is no “one-size fits all” approach, which is why having professionals who understand the goals of the business owner is important. Part of being a business owner is managing risk, so taking necessary steps at the beginning of a business venture and along the way, to consult with and invest in forming a team of professions (such as an attorney and accountant) will often lead to better informed decisions; all leading and contributing to the success of a business.
And, how the most common retail leases are structured: Single net lease. A single net lease, or net lease, is an arrangement where the tenant pay for utilities and property taxes. You as the landlord must pay for routine maintenance, any necessary repairs, along with insurance.
A retail lease is a type of commercial lease used for leasing retail shop businesses. Retail shop leases attract additional legislative protections for consumers in accordance with the Commercial Tenancy (Retail Shops) agreements
“Commercial space” generally refers to office space. With commercial space, there may not be as many people wandering in and out, whereas “retail space” depends largely on foot traffic. Commercial space is typically used for businesses that don't have a lot of foot traffic.
Commercial leases are leases which usually apply to premises used for warehousing, industrial or office spaces. A retail lease applies to premises which are used for the selling of goods such as a restaurant. The lease type will depend purely on the permitted use of the premises and the location.
Commercial Retail means either a free standing store or an integrated group of retail establishments planned, developed and managed as a unit. These retail facilities offer a variety of products, but do not include a separate grocery store.