Grocery stores, restaurants, and boutiques are just a few of the many retail properties seen on a regular basis. Retail is a vital aspect of the commercial industry, providing consumers with a variety of goods and services. By definition, a retail property is a classification given to properties used for stores, shopping centers, or service businesses. If you are looking to start your own retail business, here are the four main types of retail properties in Maryland.
Shopping malls have a few key identifying features. They are enclosed spaces (though some have outdoor elements) with most stores under one roof. Malls typically feature department stores and movie theaters, with a large focus on apparel tenants within the space. Traditionally, malls contain food courts, but in modern times, it has become a popular trend to include full-service restaurants as well.
An outlet center is also pretty easy to identify. It is commonly called an outlet mall, however because it isn’t enclosed, it doesn’t count as a mall. Factory outlets are known for outlet stores that are run by name brands. Typically, the brands occupying the space are more upscale, ranging from mid-priced to luxury.
Community centers are often called strip malls. These retail properties typically include a grocery store as well as specialty shops and convenience stores. Neighborhood centers are pretty much the same as community centers, but they tend to be smaller in size.
While power centers are generally close in size to community centers, they feature different types of retail spaces. Rather than a grocery store being the main focus, power centers include big-name stores such as discounters, home-improvement retail stores, and large speciality chains. A power center will include stores such as Walmart, Home Depot, and Best Buy. fast-food restaurants will typically be on these retail properties as well.
Typically the smallest type of retail properties, convenience centers are typically no more than 30,000 square feet. As the name suggests, convenience centers feature only convenience stores. This includes things like drug stores, dry cleaners, nail seasons, and other stores where customers generally are looking to make quick purchases.
At Newspace Commercial, we fully represent the tenant looking to find the perfect commercial space. Born from AJ Properties, an Anne Arundel County based commercial real estate firm, Newspace Commercial is designed to focus solely on Tenant Representation services, ensuring that you find your perfect business space, avoid mistakes, and negotiate the best deal.
For more information, visit our website www.newspacecommercial.com. To contact us, give us a call at (410)-218-1372!