Ideal Connection

Benefits of Renting at a Bus Interchange

For years, people have dreamed of having their own store. I mean, who wouldn’t like to be your own boss, calling the shots in your own business? But nowadays, the dream of owning your store is more out of reach than ever.

In the past few years, factors such as rising rental costs, online stores, and fast delivery, and brick-and-mortar stores have been slowly keeling over. Even multinational brands, like Robinsons, haven’t been spared and had to shift online to survive. And COVID was the final nail in the coffin for many, forcing countless businesses to go online or go belly up. 

But still, even in the face of all this, traditional stores aren’t ready to roll over just yet. Even if online businesses have their advantages, such as convenience and lower prices, you can’t deny that there’s just something personal brick-and-mortar stores have that online stores can’t replace.

Even though traditional stores still have a future, you need to make sure you have a good location if you want your store to survive. Because if you end up in a lousy location with high rent and nobody interested, you won’t last long.

If you’re looking for a commercial space, try looking at a bus interchange. Despite not being at the top of most people’s minds, renting a store at a bus interchange has its advantages. 

Price

Stalls in bus interchanges may be smaller, but less floor space means less rent. And depending on your business, you may find that downsizing won’t make much of a difference.

High Footfall

Bus interchanges will provide you with a constant stream of potential customers. Every day, an average of 3 million people commute by bus and 2 million people use the MRT.

Statistics for MRT users

Average number of MRT passengers a day  (in 1000s) (2015 to 2021)

Statistics for bus users

Average number of bus passengers a day  (in 1000s) (2015 to 2021)

That means every day, you’ll have tens if not hundreds of thousands of potential customers. There are also many customers going to and from work or school, indeed Footfall matters a lot for any business. Therefore, if you can sell goods that cater to their needs, such as pre-packaged food or beverages, you’ll have no problem getting by.

Lease Length

If you want to rent a store at a mall, be prepared to stay there for a few years since most malls will require your store to stay there for around three years minimum if you sign a lease with them. And if you find out that your business isn’t doing well and try to leave before the period is over, be prepared to pay a penalty.

Bus interchanges, on the other hand, have a more flexible lease agreement. If you choose to rent at a bus interchange, you’ll be able to take your lease one year at a time.

And if the business isn’t going well and you want out, it’ll be easier to cut your losses and try again later.

Business Type

Even if you do want to rent a store in a mall, have the money for it, and plan to stay for a long time, the mall management may still reject you. There could be a number of reasons, such as your store concept being too similar to another existing tenant or they think your store doesn’t fit with their mall. If that does happen, there’s not much you can do except try to find somewhere else.

You may find it easier to rent at a bus interchange. It had already happened that we rejected tenants for reasons the unit does not have the right facilities or the store concept is too similar to an existing one, but we’re generally less stringent compared to mall stores.

Conclusion

Rental units at a bus interchange

A bus interchange may not be the first place that comes to mind when looking for a small commercial space, but it’s an important part of the community and always full of commuters. Depending on what your business is, it can be a gold mine if you know how to take advantage of it.

If you want to learn more about renting a commercial space at a bus interchange, contact us at to learn more.

References

Average number of bus passengers a day  (in 1000s) (2015 to 2021)

Link: https://www.statista.com/statistics/1006198/singapore-daily-public-bus-ridership/ 

 

Average number of MRT passengers a day  (in 1000s) (2015 to 2021)

Link:  https://www.statista.com/statistics/1006216/singapore-daily-mrt-system-ridership/