What activities can one perform in an empty space?

The increase of empty spaces around got us thinking about what can one do or perform activities in an empty space by earning extra revenue. We came up with a lot of ideas for empty spaces that we can share with you in this blog.

You would have an empty space that you had brought a while back and now it is just empty. Now the question is how can you make use of the empty space?

The standard answer to this would be a pocket park, a little green space, a bench or two, or maybe just that. But apart from these, there is much to do.

Here is a list of activities to do in an empty space

Make an event space: Maybe you can set a little stage indoor of the empty space for students to hold performances there. Just installing a stage doesn’t mean anything that it is of no use. Dance classes can take place by experts in particular slots for the same.

Let people decide: One of the other options would be if anyone with their own choice of using the empty place would approach you. Maybe they would want to run a dance class or arrange for a business meeting or event.

Office meeting space: You might need a separate space for a while at some point of your week for special office meetings like discussing with the clients, presentations, etc. Your office might have a different room for it but client meetings call for a special empty space.

Clubhouses for rent: With an empty space like a clubhouse, you could make the best use of it by conducting some of your best talents like dance classes, singing classes, art workshops, general workshops, etc. By that society, clubhouse would earn extra revenue and you would get an opportunity to grow your business.

Open grounds for rent: When we talk about open grounds, we mean open spaces that are best used to grow your business by utilising it for different activities like sports practices, karate classes, football grounds, etc.

Open hall for rent: Open halls are best used for events for special occasions and business events. This will give you an opportunity to increase your business by conducting these special events on such open grounds.

Empty cafeteria: Indoor eating is considered the best especially during monsoons. Different types of the eatery can be kept in the empty cafeteria for everyone’s entertainment.

Empty studio for rent: Studios can be used for different dance performances, music classes, instrument playing, etc. By performing such activities, you can earn extra revenue and grow your business at the same time.

Bottom line

You can go out and look for empty spaces but going out can be a bit of a hazard. Online listing websites like www.myrsa.in can give you an opportunity to earn extra and help you grow your business.

Want to Earn Revenue from an Empty Space?

June 22, 2021 0

Will physical retail have a role to play in a Post-COVID world?

The ongoing Covid-19 crisis has profoundly impacted many facets of our lives. The way we shop is no exception. Yet what does the pandemic ‘s effect on physical retail futures mean?

With local laws curtailing our movements at the height of the crisis (and trapping us in our homes in many countries), the way we shopped changed drastically. Restricted high streets and malls, and ecommerce underwent tremendous upliftment. Now that the freeze is easing across the globe, the question arises – does physical retail still have a part to play, and if so, what’s going to be different?

The short answer to that is yes. Physical retail should continue to play an significant part in the relationship between customers and brands. Its dynamics may change slightly, but our high streets do not go anywhere and brands will continue to look at physical retail as a mighty opportunity. What’s important to think is which customer preferences in a post-Covid environment will survive, and which will revert.

We’ll take a look at what’s changed in this article, what it means for physical retail and how brands can adapt.

What’s changed?

It’s no secret that ecommerce has seen a big boom in the last few months. As McKinsey’s consulting group points out, retail will definitely see a gradual rise in online shopping and in areas that had been predominantly store-based in the past. That would be attributed in part to consumers who previously preferred shopping offline, such as baby boomers and Gen Z, being more comfortable with shopping online. Particularly for the supermarket ‘routine’ such as groceries. If they have done it once or twice it is going to become normal.

According to Forbes, these new consumer habits are likely to persist with an anticipated 20 per cent annual growth in ecommerce across retail as a whole, compared with 15 per cent pre-Covid

In fact this shouldn’t be a big surprise. That was a phenomenon that we’ve seen already. The last few months may have actually accelerated the trend but there is still a vital part to play in physical retail. This is because while ecommerce may have benefited from being

Nonetheless. Although ecommerce success in recent months may have benefited from being a fast and convenient alternative, it can not compete with in-store experience.

What’s the physical retail getting to the party?
Ecommerce is amazing. What doesn’t want the convenience of their own home to do all their dull ‘routine’ shopping? It’s smoother, quicker and sometimes cheaper. Yet we need to note before we get carried away that this is not a one-size-fits-all case.

Everything this comes down to the experience these days. Name the industry and you’ll find that expertise is at some stage the main differentiator. This is no different in trade. Improvements in ecommerce capability are generally geared towards increasing efficiency and reducing friction. That effectiveness comes at the expense of experience and the key is experience.

Physical stores offer the opportunity to provide interactions that just can not compete with the digital world. There is no alternative. For precisely this reason, digital brands have launched physical stores all over the world over the last few years.

What’s more, it’s obvious that even in the last few months there’s been a big shift to digital, there’s still a need for an experience above and above what a typical ecommerce website offers. For example, here at Myrsa we saw a tenfold increase in inquiries about our Virtual Reality Stores as customers look for ways to differentiate and deliver unique, branded experiences.

That is why we are confident physical retail will recover as consumer demand picks up. People are going to return to the high street, back to physical retailing. Yet while we’re sure that physical retail space for rent will return as a retail force, we ‘re also positive it won’t look exactly the same.

What will become of physical retail in a post-covid world?
We need to think about what it will look like in the short term and what it will look like in the long term to answer this issue. The perspective of the short term is interesting; with the shops opening gradually across the globe, we are still catching glimpses of what is to come. We will go through this in more depth in a separate article but it is fair to conclude that physical retail will concentrate on fulfilling consumer standards about hygiene and health over the next few months. Consider PPE, hand sanitiser, and shopping for appointments.

The long-term view is even more compelling. When brands use physical to attract new consumers and offer excellent brand experiences, we ‘re likely to see even more of a shift to experiential retail. They need to work on the halo effect to do this – using both the physical and the digital to deliver a seamless customer experience.

In a recent interview, José Neves, founder and CEO of Farfetch’s online luxury shopping platform, took this even further when he said: “Brick-and-mortar digitization was ‘good to have’ in the eyes of many brands and retailers but should be pushed to a ‘must have’”

The Covid-19 crisis has increased transition pace, and the need for reform. Brands capable of integrating online and offline to gain advantages on both sides would be competitive with physical retail (so-called ‘phygital’).

Yet not all digital upgrades. Changed the role of physical retailing. Or rather, it has accelerated the change that it was already experiencing. Stores will focus less on shifting stock and generating revenue, and more on building customer loyalty, gathering insight into marketing and reaching new audiences. More marketing … Less transactional.

This is a phenomenon we’ve seen in the emergence of pop-ups as brand trial sites, run product releases and gain marketing feedback in short-term environments designed to offer outstanding experiences.

We expect that we’ll see less but better flagship stores over the next few years coupled with plenty of flexible retail (like pop-ups shop on rent) to highlight brands and goods, draw new buyers, create brand loyalty and improve online sales. We ‘re going to see versatile retailing in affluent areas where you’d never have seen it before.

Such physical stores can offer less items and sell less, but can have even more entertainment.

Entertainment and the experience is everything.

August 24, 2020 0

Renting a Retail Space: List of things to consider

Finding the appropriate retail space to rent takes time and patience. The space becomes a fundamental part of your brand and, of course, the location is significant. Before you decide on a spot and open a storefront, you’ll want to front load the process with some strategic research and thoughtful planning. The more planning you do now, the more you’ll set your business up for victory in the long run.

Discovering the ideal neighbourhood, making sure rent fits your business budget and evaluating the proper square footage are all key steps. Here’s a clever guide to navigating the world of commercial real estate with a keen eye for detail and the appropriate frame of mind.

Your retail space is an integral part of your brand image.

Define Your Budget

Every project starts with a budget and identifying how much and the type of space you can afford up front can spare a great deal of time and hassle. It’s prudent to keep your rent payment in the range of 3% to 8% of your gross revenue. The averages for each industry differ depending on the role the retail space plays in the overall business strategy. Electronics stores, for example, typically put a lower percentage of sales toward their lease (around 2% on average) than clothing stores (around 8% on average). Figure out this percentage by dividing the annual rent payment on a space you’re considering by your gross annual revenue.

Knowing your budget before you begin searching for the perfect space will save time and hassle.

Figure out How Much Space You Need

To determine your ideal square footage, map out the several workspaces and other areas that your store will require. Examples comprise the sales floor, inventory storage space, offices, kitchen, bathrooms, and dressing rooms. Now measure your square footage needs for each one of those spaces and add together for your total square footage.

Traditionally retail sales floor space is measured using industry research and this formula:

Making these estimations beforehand can help you pinpoint the properties that are the best match within your budget.

How to Pick a Retail Location

Choosing the right location can seem like rocket science. In a simple world, you just require to be where your ideal customers are, or you need to make it accessible for those customers to get to you. Once you have that covered and have narrowed down your preferences to a few options, it’s time to drill a little farther and do some comparison.

Begin with the most straightforward comparisons first:

Rent expense, including utilities
Amenities available, such as security
Parking availability and public transport nearby

The cheaper space is not sufficient if your customers don’t have easy access to your store. Analyze how customers will get to you and factor in the hidden costs of an unsafe area in lost sales.

Then move on to the more complex comparisons:

Size of the neighbourhood/area and its demographics
Nearby businesses and the foot traffic they’re likely to bring
Local Competition (consider both the pros and cons of this)
Compatible Businesses (think college and pizza shop)

If you sell to a targeted niche, you may not depend much on foot traffic, but it’s still significant.

Competition can mean a proven location in many cases, so it’s not evermore a bad thing. Businesses nearby whose services are corresponding are worth their weight in gold. Also, businesses like a big supermarket that will drive a lot of foot traffic can be important. This idea forms the source of most shopping centres that have an anchor store on which the other stores will depend on traffic.

When you estimate your rent expense, all of these revenue-influencing factors should be a part of the decision.

Scouting Spaces: How to Find Available Rentals

Above all, when scouting out possible spaces, always keep your ideal customer in mind. Are they somebody you see shopping nearby or walking and driving past the site? Is this an area where they are satisfied spending time and where they already spend money?

If you want to start out on your own, look for websites that provide you with all the nearby rental options. Myrsa is one such website that you can use for your scouting.

Myrsa provides you with all the different types of retail spaces for rent. You can find short term rental spaces and try out different localities for your business. Choose the perfect location for your business. From small spaces to spaces with all amenities nearby filter out your search and easily find spaces.

Related Post: Why Is The Popup Retail Trend Better?

Final Thoughts

When searching for the perfect property for your retail business venture, keep your brand and the customers that your brand was designed to serve in mind at all times. A good fit for your clients will be a good fit for your business.

In this fast-paced and ever-changing society, location remains as important as it ever was to the health and well-being of a business. Plan for the appropriate amount of space at a price that fits your budget from the beginning.

February 19, 2019 0

Earn Extra By Giving Empty Retail Space For Rent!

In 2017, the retail business saw some huge changes. Publications were loaded up with doom and gloom headlines about the retail end of the world. And while brick and mortar continues to be a feasible deals channel, the shifting landscape has some industry players, especially business landowners, endeavouring to make sense of how to fill their empty retail spaces.

As traditional retailers screen, that space is left unoccupied — leaving the owners to locate another occupant. Finding another long-term tenant can take months or even years, yet that home loan on your space still should be paid. Rather than basically hunting down another, lasting occupant, you can monetize your unoccupied retail space meanwhile.

Depending upon the size, layout and area, you have choices to make some money off your space while waiting for the right occupant. Giving your retail space for rent can be a great idea. Here, we outline a couple of the best choices so you can settle on the correct choice for your space.

Utilize Your Space for Pop-Up Shops

Rather than picking just for long-haul retail occupants, business space proprietors can likewise investigate the alternative of short-term renters. Indeed, we’re looking at presenting your space for pop up shops.

Short-term opportunities, similar to pop up shops, can keep your space possessed with retail occupants and keep the foot traffic streaming. Yet, before you start with your choice to run with pop up shops in your space, there are assignments you’ll have to deal with to prep your space for short-term tenants.

Just like with private gatherings and occasions, you’ll need to accommodate tenants with the basics like bathrooms, Wi-Fi and climate control. To additionally speak to brands lurking here and there for the correct space for temporary activation, you’ll need to guarantee yours is impartial to effortlessly expect your renter’s visual identity.

Each renter will need a different aesthetic, so if you have a blank slate for brands to work with, you’ll likely pull in more bookings.

Rent Your Space for Private Events

If your space is especially in an urban centre, you can likewise rent your commercial space for private occasions. In many bustling cities, there’s a consistent demand for well-appointed venues for gatherings and occasions, and commercial space owners can take care of that demand.

From fundraisers to art sales to parties to corporate events, property owners can showcase their space for a variety of purposes. If you choose to go this route, ensure your space can suit organisations eager to have an event with things like:

Working restrooms

Wi-Fi

Heating and air conditioner

Light, particularly neutral light

As a space for occasions, you need your setting to be a clear canvas. Along these lines, consider painting your walls a shade of white and keeping any decor theme neutral. It’s additionally useful in the event that you can give catering or bar service suggestions to occupants.

Likewise strategize which kinds of occasions would work best in your space — intimate social events, large parties or something in between.

Myrsa helps you with renting out your spaces on a temporary renting basis to different brands. Just list your space on Myrsa and start earning instantly with the brands of your choice.

September 11, 2018 0

Renting a retail space as easy as booking a hotel

Myrsa matches potential short-term tenants with landlords sitting on vacant/unoccupied real estate spaces.

In an age of seasonal and cyclical in-store sales and poor prospects for long-term tenants, Myrsa could be a blessing for commercial real estate!!

Starting a business can cost you your lifetime of savings if you are a small business — ₹ 18 to 20 Lakhs on an average based on industry standards and yet not even half of them will survive beyond 2 years.

How many more businesses could succeed if entrepreneurs could test out their concepts by slashing one of the major costs of starting a small business: securing a retail/service space.

Yet connecting space users and providers for short-term leases remains cumbersome. If we are successful, renting a temporary space will be almost as easy as booking a hotel room.

Myrsa is focusing on allowing renters and sellers to find each other and exchange inquiries and proposals. We locate and curate vacant spaces on our platform. Myrsa offers a marketplace for short-term retail or service/workspace that makes renting temporary space feel like booking a hotel on MMT or any travel portal.

Related Post: It’s a win-win!

If online is about convenience, then offline is about getting your product and service in front of real people and being where your customers are. We see the future of retail and last mile service/web-stores going towards temporary leasing and targeted outreach!

Signing up with Myrsa is easy, in practice it is as convenient as booking a hotel or a flight, with some additional steps to complete the booking by making the payment.

The current trend of established & large retailers using temporary spaces to market feature or test new products is moving toward small business owners as well who want to try out ideas without committing to conventional long-term leases.

It’s great news for property owners as well who once coveted big retailers and long-term tenants, but see temporary businesses and exhibitions drawing record crowds, filling up vacancies and even making temporary clients into long-term customers within no time if space works for the tenant.

We believe our model will let landlords generate additional income from their vacant & unused space while opening up the possibility of a retail store to far more brands, entrepreneurs, service providers, artists, designers and who could not (or would not) sign long-term contracts till now.

Temporary stores could potentially help give offline retailers some of the low-cost agility enjoyed by online sellers such as Flipkart & Amazon. (The online surge has led to predictions of the imminent demise of brick-and-mortar businesses).

Retail in India always had roots in short-term retail and it’s coming a full circle. The urban shopping districts of India and especially the Tier 1 & Tier 2 cities are transforming. We see temporary shops on all our footpaths, don’t we? They are everywhere!!

December 16, 2017 0

Temporary Retail and Service Spaces

Myrsa matches potential short-term tenants with landlords sitting on vacant/unoccupied real estate spaces.

In an age of seasonal and cyclical in-store sales and poor prospects for long-term tenants, Myrsa could be a blessing for commercial real estate!!

Starting a business can cost you your lifetime of savings if you are a small business — INR 18 to 20 Lacs on an average based on industry standards and yet not even half of them will survive beyond 2 years.

How many more businesses could succeed if entrepreneurs could test out their concepts by slashing one of the major costs of starting a small business: securing a retail/service space.

Yet connecting space users and providers for short-term leases remains cumbersome. If we are successful, renting a temporary store will be almost as easy as booking a hotel room.

Myrsa offers a marketplace for short-term retail or service/workspace that makes renting temporary space feel like booking a hotel on MMT or any travel portal.

Myrsa is focusing on allowing renters and sellers to find each other and exchange inquiries and proposals. We locate and curate vacant spaces on our platform.

Signing up with Myrsa is super easy, theoretically, it is as convenient as booking a flight or a room, with some additional steps to finalize the booking.

The trend of large retailers using temporary spaces to feature or test new products is moving toward small business owners as well who want to try out ideas without committing to conventional three- to five-year leases.

Related Post: The many talents of the space you own

We believe this model will let landlords generate additional income with unused space while opening up the possibility of a retail store to far more brands, entrepreneurs, service providers, artists, designers and who could not (or would not) sign long-term contracts in the past.

Potentially, temporary stores could also help give physical retailers some of the low-cost agility enjoyed by online sellers such as Flipkart & Amazon (who have led to predictions of the imminent demise of brick-and-mortar businesses).

Retail in India always had roots in short-term retail; it’s coming a full circle.

The urban shopping hubs of India and especially the metros are transforming. We see temporary shops on all our footpaths, don’t we? They are everywhere!!

March 14, 2017 0

Tag: find temporary retail space