What do you mean by “Feasibility Assessment?”

Now What?
Now What? How do I turn this in to a new store?

Contemplation – Imagine you are a retailer contemplating this tenant space. Clearly, you might be asking yourself; “now what?” Suppose a few of the questions below move from unconscious reflection to conscious contemplation without ensuing answers, then assessing a project to see what is actually required could facilitate the decision making process and provide many benefits.

Resources – Landlord provided documents, previous project cost summaries, consultations with building departments, contractors, engineers and sometimes professional construction estimators are all resources informing project feasibility. The intent is to simplify, consolidate and summarize the probable scope of work, professional fees, construction costs and time that might be anticipated for a project. It is the purpose of a feasibility assessment and a highly recommended means of beginning most retail projects.

  • Do I need to build the walls?
  • Do I need to build the bathroom(s)
  • Why do I need 2 bathrooms?
  • Why do I need 2 entries?
  • Do I need to install the storefront system?
  • Can I use my own storefront design?
  • Do I need to have my own electric meter installed?
  • Do I need to install my own Air Conditioning and heating system?
  • What is the best mechanical system to use?
  • Is there water in the space?
  • What about hot water?
  • What about gas?
  • Where is the sewer?
  • How do I connect to it?
  • Will my store fit in this space?
  • Must I supply my own storefront sign?
  • Who will design it?
  • Can I design the store myself?
  • Can I turn a logo into a store design?
  • Where do I get the store fixtures?
  • What if I can’t find the exact fixtures that I need to display my products?
  • Are custom store fixtures required, if so who will design them?
  • What about lighting?
  • Who sets up the Point of Sale (POS) system and how do I hide the wires?
  • How do I accommodate the cabling and hard wiring for my computers?
  • How much can I expect to spend for all this?
  • A contractor told me he could build my store for $45/sq. ft. Should I believe him?
  • Do I need a building permit?
  • What does an architect charge?
  • Can I get this done in time to open before I must begin paying rent?
  • How do a pick a contractor?
  • Is the construction allowance from the landlord enough to build the store?
  • Does the location have enough parking?
  • What is the visibility from walk and drive by traffic?
  • Is this space a good choice for my project?
  • If I don’t take this space do I need to start all over with a new feasibility for a different location?

Please feel free start a discussion here and maybe even see some answers.

Bridget Gaddis, is a Licensed Architect and LEED-accredited Professional practicing nationally, and locally in the Washington DC area. She holds professional degrees in both Architecture and Interior Design, and with a comprehensive background in commercial retail design, planning and construction has completed projects for such for such well known brands as Chloe, Zegna, and Bvlgari. Her career began in tenant coordination and site planning for two well-known Cleveland developers, followed by six years in store planning for a national retailer. After a move to New York City in 1997, she spent the next years working for architecture firms specializing in retail projects. In 2011 she started her own practice in Alexandria, VA. Ms. Gaddis is the author of two blogs dealing with architectural subjects.

Restaurant Week Brings New Customers and Grows Business

Alexandria’s Winter Restaurant Week is getting ready to kick off. From January 23 – February 1, 2015, restaurants will be offering dinner for two for $35 or a three-course dinner for $35. This year, for the first time, several restaurants are also offering lunch specials, too. As consumers, it’s clear why we all love restaurant week… Read more »

The post Restaurant Week Brings New Customers and Grows Business appeared first on Alexandria Small Business Development Center.

Restaurant WeekAlexandria’s Winter Restaurant Week is getting ready to kick off. From January 23 – February 1, 2015, restaurants will be offering dinner for two for $35 or a three-course dinner for $35. This year, for the first time, several restaurants are also offering lunch specials, too. As consumers, it’s clear why we all love restaurant week and the value it provides. From the small business perspective, though, what’s the value in participating in an event like restaurant week?

Restaurant Week brings new customers to restaurants. In 2014, OpenTable did a study of winter restaurant weeks nationwide. The study uncovered that 73% of diners during restaurant week choose a restaurant they have never been to before. Even better, 88% of diners said that they were likely to return to the restaurant at which they dined during restaurant week. This is a great way for businesses to grow their customer base and build brand loyalty. Additionally, OpenTable discovered that 91% of diners were likely to recommend the restaurant they went to for restaurant week, so businesses are not only capturing the initial business that is generated during restaurant week itself but also follow-on business that results from word-of-mouth advertising.

Restaurant Week provides free advertising for participating businesses. While restaurants must be members of the Alexandria Convention and Visitors Association (ACVA) to participate in Alexandria’s Winter Restaurant Week, there are no additional costs for participating. In addition to aggregating menus and promoting the event on their own website, social media, and blog, ACVA also advertises Restaurant Week through digital display ads in local and regional papers, other digital advertising, such as Google AdWords and Facebook ads, and in local print newspapers. Last year, digital advertising efforts made more than 500,000 impressions, and print advertising reached a newspaper circulation of 91,000. There are also posters, bill inserts, and brochures at participating restaurants and at the Alexandria Visitors Center. Each individual restaurant would never have the resources to promote their own restaurant to this regional audience, but by participating in an event that is widely promoted and published, restaurants benefit from a wider reach of advertising.

Restaurant Week allows restaurants to highlight new offerings or changes in the menu. Restaurants can feature any items on their Restaurant Week menu, allowing each the opportunity to highlight new entrees, desserts, or other offerings. For example, Artfully Chocolate Bistro and Wine Bar opened their location in Carlyle, and owner Nelson says that Restaurant Week “is a good way to promote the new emphasis we have on meal service.” For new restaurants, Restaurant Week allows them to showcase their menu. Several new restaurants are participating in Alexandria’s Winter Restaurant Week and are getting their menus out to a broad audience.

A small amount of work on the restaurant’s part can yield great rewards during Restaurant Week. If you would like more information on how to participate in the next Alexandria Restaurant Week, please contact Meredith Sasser at 703-652-5365 or e-mail her at [email protected]. For those of you who are not in the restaurant business, we hope you will consider taking advantage of this opportunity to support local small businesses and enjoy a wonderful meal at an Alexandria restaurant. Happy dining!

The post Restaurant Week Brings New Customers and Grows Business appeared first on Alexandria Small Business Development Center.