Opening or expanding a retail store is a big decision that takes special consideration. Due to increased competition from online shopping options, brick-and-mortar retail locations need to be fully prepared to make their in-person shopping experience a success. One of the most important factors a retail merchant needs to consider is where to locate their store. The right location can determine the success or failure of a retail business, so site selection should be a top priority. Here are some major advantages that the City of Aurora provides to our retail community.
Retail establishments thrive when the surrounding area is flourishing. The City of Aurora is the second largest city in the state of Illinois, with a population of almost 200,000 and growing. And beyond our current local residents, Aurora also attracts additional visitors through the vast entertainment and dining opportunities available throughout the city. The continued expansion of residential, retail and entertainment developments will lead to continued success for local businesses, and Aurora has many projects underway. Pacifica Square, once completed, will be the largest Asian themed lifestyle center in the region. Construction on Phase II of this development will be starting in 2022.
Downtown Aurora will be a growing market with at least 600 new residential units under construction starting in 2022/2023, and ongoing redevelopments are being completed in 2022. A retail business locating here would see great opportunity to grow alongside new restaurants locating to the downtown, such as Stolp Island Social, Craft Urban, Altiro and others.
Visibility and Access
Two major components to consider for a retail location are visibility and access to the business. Retailers should aspire to be located in an area where their target customer will see their business, either by walking or driving by. Additionally, a business that is convenient to get to will probably find more success than one that requires a customer to search for it. In Aurora, retailers can locate to the Fox Valley Mall / Route 59 corridor, the Chicago Premium Outlets or Downtown Aurora. Each of these locations offer their own unique benefits, but all provide high-visibility and traffic opportunities to ensure a constant flow of potential customers.
New retailers often experience financial challenges that could be alleviated with the right financial assistance. Managing initial costs such as rent, store fixtures, inventory, point of sale equipment, interior décor, signage, advertising and more can all impact a retailer’s ability to be successful. Aurora retail businesses have access to financial incentive programs that will help maximize return on investment. For example, Invest Aurora’s EDA Revolving Loan Fund can provide funding to support build-out of your retail space along with operating expenses. From federal assistance and local tax incentives to in-house grant programs, we will work with you to help you locate all the financial support you need in order to be successful in your Aurora location.
Retail Site Selection Assistance
The City of Aurora has almost 200 commercial sites available for lease or sale. Invest Aurora economic development specialists are available to help retail business owners explore all of the possibilities and select the perfect property based on their individual needs, growth projections and budget concerns. We’ll look at factors such as retail and storage space required, customer demographics, type of goods being sold, signage requirements, competitor locations and more to determine the most practical and profitable property choice.
Support of Invest Aurora
One of the biggest benefits available to the Aurora business community is access to essential business services provided by Invest Aurora. The Invest Aurora team is dedicated to helping new Aurora businesses get up and running, by offering important services like business strategy development, assistance obtaining city approvals and licenses, designing your retail space, marketing your new business and more. We strive to be one of your most valuable resources in establishing and growing your new retail operation. Contact us at 630-256-3160 or firstname.lastname@example.org to request additional information or to schedule a consultation with one of our experienced advisors.