In this article, I want to talk to you about how you find the right site for your new bar or restaurant, stay tuned for our fortnightly blog updates.
The right site will be the site that is right for you and your concept at the time that you want to take on the lease. The site will need to suit your concept and your target market.
The market demographic be that,
- social class
- how people live,
- their personality,
- their lifestyle,
- Seasonal Christmas or Valentines and their location,
- their geography, where they’re based.
These are all things that you must take into consideration, be sure to do your due diligence.
An average high street chain might take up the space of 350 to 400 metres square.
Your local independent restaurant or cafe is usually less, around about 200 to 300 meters squared.
Don’t forget to include your back-of-house area. You’ll generally need 30% to 40% of your total floor area for this.
Primary locations might be on the high street. They’re busy and more expensive because you’ve got more and more passing trade.
A secondary location will be cheaper, and your rental value may be less, but you’re going to have to be a target for your customer to come and see you.
Every unit has a correct rate applicable. It’s the basis of your turnover that will tell you which is the best site for you.
So how do you find that perfect site?
- Walk the street, and get a good feel for the different areas.
- Engage possibly with a site finder.
- They would charge you a fee for this. But they spend all their time doing this for you and they will negotiate on your behalf. They will do all the hard work for you.
- Think about your concept, your story, your budget, your business plan, and how that fits your preferred areas for your business.
Arrange viewings ideally through your site finder, who’s already sifted the information for you, or alternatively through your own endeavors. Compare average costs for rental charges and rates. Look at the online and offline trade publications, and make personal connections.
I hope this article has helped you identify some key considerations when it comes to the location of your bar or restaurant and we are always here to help should you need some more information.