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Competition
Generally speaking, it's best to be where people are. Therefore, if you have the choice between leasing a cute house a few doors off Main Street with 1500 square feet for $1,000 per month, or a 1,200 square foot shop in a new strip center across town with a popular café and new multi-theater for $2,800 per month, take the latter of the two. Advertising most likely won't make up the lost income from the lack of foot traffic. This makes the house off Main Street a losing bet. Many people who have tried it before thought it could be done, and now they are closed. The bottom line is – don't be afraid of rental costs if the location is right.
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Phyllis Serbes |