Manhattan is home to millions of people and hundreds of thousands of businesses, making it the perfect place to open a new retail store. You might have the perfect concept in mind and the ideal commercial real estate location, but succeeding in Manhattan requires careful planning and a detailed understanding of the market. Here are a few things to consider before opening a store in New York.

What to Know Before Opening a Store In Manhattan

You Need a Distinctive Brand

The sheer volume of potential customers in Manhattan makes it an attractive area, but it’s easy to get lost in the crowd. Checking out the competition before signing a lease and hiring your first employee can provide valuable insight into what works and how you can differentiate yourself. In such a crowded market, building a distinctive brand identity will be an essential element of your success.

Find the Right Location

Manhattan is relatively easy to navigate, but you’ll still want a visible, convenient location near major thoroughfares. Being just a few blocks closer to the subway than your competitors can make your store more attractive, so spend time finding a commercial real estate location that’s convenient for pedestrians and drivers.

Develop a Marketing Strategy

Every day, millions of New Yorkers use their phones to find new stores and send recommendations to their friends. As crucial as word-of-mouth can be for a new store, building a presence online will help bring potential customers through your doors. Create an impressive website and leverage the power of social media platforms and popular review sites.

Opening a new retail store in Manhattan can be a challenge, but Jeffrey Anderson, Associate Broker, Capital Real Estate Advisers in New York, NY, has the experience and expertise to maximize your chances of success. With over 14 years of experience as an architect, urban planner, and commercial real estate agent, you can rely on this professional to find the perfect location for your new store. To discuss your new business with an experienced commercial real estate expert, call his office at (917) 568-9642.