Searching for "the one" ☝️

We've got some thoughts on searching for the "one" perfect retail space, and why the entire premise is misguided and potentially derailing.

We've all seen fictionalized accounts of a lovelorn someone searching for the "perfect" partner. You know the ones -- we watch as the protagonist goes on an endless string of first and second dates, only to determine that no suitor is right, much to the frustration of their friends and family who keep urging them to stop being so picky. Like Molly's friends and family in Insecure before things got serious with Taurean.

Is this entire concept pretty antiquated and ridiculous? Yes. Is it relevant to retail real estate? Also, yes.

You see, like the friends and family who get so annoyed they finally declare, "you don't even really want to find someone, do you?", retail real estate brokers will not take you seriously if they think you're just kicking tires.

Just as there is no such thing as a perfect partner, there is no such thing as perfect real estate -- in both cases, there is only pretty close to perfect for YOU. In romance there's compatibility, shared values, and (is this debatable?) mutual attraction. In real estate there's site criteria, budget, and target market. If you're nailing these all things, that's about as good as it gets.

Your business plan is where you nail down your target market, target location, rent budget, buildout budget, operational criteria, and so much more. Starting the real estate search without clearly defining these criteria for your business is just kicking tires...and it's only a matter of time before the gatekeepers start to notice (and start ghosting your calls)...they're not going to waste time with someone who's not serious. Why? Remember that the landlord's broker only get paid when a lease gets signed, so if you're not looking like a solid bet, you're not going to get the attention you seek.

So as our weary serial dater eventually learns, if you want a partner, you have to start by taking a hard look at yourself. If you're serious about finding the "perfect for your business" real estate, you have to start the search with the business plan.