Sunday, October 6, 2013

Retail Condos

This might be an exciting opportunity for all you entrepreneurial types out there with the trend of Retail Condos.  Basically as a lot of the old shopping malls or large stores close down with there 1970's concept of mammoth square footage, owners of these relics of yesteryear are dividing them into Retail Condos (from 60-550 sq ft.) and for sale to prospective business owners, but just like residential condos location is key to allow your store to thrive. So look for anchor box stores/retailers with familiar names in your complex that drives customers to your area then you can "feed" from the foot traffic that's generated. Also again like your own home, a condominium corporation is set up with you the owner paying into a fund to cover maintenance for the reinvented space and common areas, so without saying if the age of the mall is growing "grey hair" have an expert check out the big ticket items as the roof, foundation, AC/ Heating systems etc. Now on the upside to own one of these units, retail condo owners are allowed to lease their space to another retailer or sell the unit (if in time) the location pays off. To finish up, like any your homework but in my humble opinion sounds like a win/win!

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