How to Find the Ideal Retail Space in Phnom Penh
As the economy steadily bounces back, the number of businesses in Cambodia are also increasing. Considering how important it is to increase income streams and gain solid financial stability, most locals and expats in the country are looking for ways to bump up their monthly profits. One way to do this is to go into business selling different sorts of items. While most people can do this online, the best way is to have your own retail store to make your business grow.
To ensure your business is successful, you need to do your research first and find a good location for the retail space. However, finding the ideal retail space for your business in Phnom Penh is not an easy task. To make it easier for you, leading real estate company IPS Cambodia has curated a thorough list of everything you need to find the ideal retail space in Phnom Penh. Read on below.
1. Determine your budget
The first thing you need to do is set the budget for your retail space. While it would be fantastic to have a large space for your business, it would not bode well if you can’t afford its rent in the long run. You have to consider exactly what you and your business can afford long term for the base rental fee on retail space, even after factoring in other business and rental costs.
Take note as well that similar to other rental fees, the shorter your lease, the higher the cost and the longer your lease, the smaller the fee. Moreover, the common monthly lease for retail space with less than 100 square meters is $500 to $1,750. If the floor area is 100 square meters up to 300 square meters, then the monthly lease costs between $1,750 to $3,000.
2. Research retail costs
Overall, renting a retail space for your business is more than just paying for the rent. You have to consider maintenance costs, bills for utilities like electricity and water, and even business rates. Besides this, you have to check if there are any service charges that come with the retail space so you know full well how much it will take to rent it. Afterwards, you can then make informed decisions on how much you can allocate for your business on retail space alone.
3. Determine what type of retail space you need
Once you have set the overall budget you can spend, then you need to find the right type of retail space for your business. There are a number of options for you like the following:
- Single detached retail space → A detached retail space solely for your own business works best if your brand is already established and you have a number of loyal customers. If you’re looking for sole detached retail spaces, there are a number of listings in Phnom Penh.
- Retail space inside commercial establishments → A retail space inside commercial establishments like offices or malls is great for customers since you already have foot traffic coming from other businesses in that building. Finding a listing in Phnom Penh is also easy if you check IPS Cambodia.
- Shophouse → A shophouse works best if you want to establish your business in a residential area like this listing in Chbar Ampov in Phnom Penh.
- Commercial villa → If your business is already established and you want to take it to the next level, then a fully equipped commercial villa is what you need to rent. A number of great listings in IPS Cambodia for this property are also available.
4. Check the best locations for a retail space
The last step in finding the ideal retail space is determining the best location to set up shop. While Phnom Penh is the business center of the country, there are still specific areas where your business can be successful.
For example, if you rent a space in BKK1 where most expats and a number of locals are located, you have a great selection of customers. Other locations where you can set up shop is in Koh Pich which is close to Mekong and Bassac Rivers and in Tonle Bassac where most upscale buildings and residents are located.