Getting ready to open a retail business involves more than finding the right storefront. It requires strategy, research, and a clear-eyed understanding of what success will take. Monica Byrd, PMP— a project manager and commercial real estate agent with NAI Michael —knows this well. And she’s passionate about helping entrepreneurs think through the steps many overlook.
In light of her recent webinar, “Are You Retail Ready?”, we spoke with Monica about what business owners should keep in mind before committing to a brick-and-mortar location.
Monica shared that her motivation for participating in workshops like this comes from a desire to make commercial real estate knowledge more accessible. “I enjoy sharing commercial real estate insights with entrepreneurs that may not fully understand the planning needed to secure the optimal location for their retail business aspirations,” she said.
A key message she hopes to convey is that location matters—but only when it’s rooted in research. “With the right research, entrepreneurs can identify the optimal location that increases the chances of conversion and repeat business.”
It’s a reminder that the classic real estate mantra, “location, location, location,” isn’t just for homebuyers—it applies to retail businesses too. “Location is particularly crucial for retail stores and restaurants that rely on foot traffic, accessibility, atmosphere, and the right clientele,” Monica explained.
But before any of that, she encourages business owners to take a close look at their market. “A common mistake I’ve seen is entrepreneurs not identifying the market for their product or services before setting up shop,” she noted. “They’re in love with their idea so much that they haven’t confirmed whether demand actually exists.”
Monica also spoke about budgeting as an essential part of the planning process. “Pinpoint how much of your business budget you can spend on a commercial lease or building purchase,” she advised. “You don’t want to fall in love with a location you can’t afford.”
Her practical guidance extended to the importance of choosing a location with intention. Beyond understanding your customer base, she recommends looking at who else is nearby. “Choosing an office location near a deli and a dry cleaner can provide conveniences for your employees,” she said. “And if you’re a florist, nearby proximity to a baker could lead to customer overlap.”
That kind of synergy, she said, can lead to more than just foot traffic. “Collaborating with other businesses in your location is a bonus that can help create a prosperous economic environment for all.”
Through NAI Michael, Monica handles commercial leasing for local brands and helps businesses find and lease commercial spaces that meet their specific needs and goals. One of those local brands is The Marketplace at South Lake, which is a 380-acre upscale, mixed-use community with residential, office & commercial space, in eastern Prince George’s County. The Marketplace at South Lake will include 600,000 sq. ft. of commercial space. To learn more, contact Monica Byrd at 301-646-0013.
Monica’s advice is clear: don’t rush the process. Strategic thinking, budgeting, and research are just as important as passion, and they all play a role in setting your business up for long-term success.
