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Property: Opening a new womenswear shop

I am currently a buyer for a successful independent boutique but would really like to look into opening my own womenswear shop. I don’t really know where to start but I know I would only want a small shop ideally in an affluent area. Can you suggest how I progress?

Nigel Poad, CEO leasing director, Modus Venture Ltd:
I would very much recommend you contact a firm of property agents that specialise in retail property. The Royal Institution of Chartered Surveyors will be able to help in terms of providing details of appropriate agents in your geographical area. When you speak to an agent always ask for details of their retail experience and make sure they have dealt with the type of property you are looking for. If not try another agent.

I would always recommend getting expert advice as there are many pitfalls that can have serious consequences further down the line if they are not dealt with properly at the stage a lease is negotiated or sale agreed.

Similarly employ a solicitor that has relevant experience. I appreciate that you may have a solicitor that deals with all your legal matters however if they are not experienced in property law I would recommend going to a firm that does.

Employing specialists may seem expensive and you may regard it as a cost you could well do without particularly when setting up a new business however getting it right at the start will make sure you don’t get caught out in the future.

Readers' comments (2)

  • Thierry Bayle

    The reader seemed to be looking for answers beyond retail property, it is important to highlight that she must have a clear understanding of the target customer she wants to sell to. She must also have 1.) a business plan to ensure the financing is there to support her until the business generates positive cash flow. 2.) the right open to buy.
    When I work with small independent boutiques, I see too often buyers analysing the stock by supplier. This is wrong and she must analyse the stock by product type. She can contact me for further explanation and attend one of our seminar on the art and science of buying ( Summer Fair this week ).Good Luck.Thierry 07939 250 381 Management One

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  • I am considering expansion of my boutique concept in affluent West Hampstead,why not contact me for a chat.Colin at penguin_boutique@hotmail.co.uk

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