How to rent a shop in SMRT bus interchanges?
In this informative guide, we will explore how to rent a shop in SMRT bus interchange, offering valuable insights for businesses aiming to establish a presence in these bustling hubs.
In recent times, the landscape of business events and roadshows has seen shifts. This article delves into the intricacies of leasing a shop at an SMRT bus interchange, providing a roadmap for entrepreneurs seeking prime locations to drive their enterprises forward.
While social gathering restrictions and fluctuating footfall have been part of the recent context, businesses are regaining momentum as conditions stabilize. SMRT bus interchanges, and SBS Transit (rental guide here), with their constant flow of commuters, offer a strategic location for leasing shops, fostering growth and enhancing visibility. However, before making a decision, it’s essential to delve into the specifics of this leasing process.
Leasing a shop at an SMRT bus interchange involves two primary avenues: the tender process or direct leasing. A thorough understanding of each approach is vital to make an informed decision.
What is the difference between leasing a space by tender vs. by direct leasing?
There are two ways for you to rent a shop at SMRT bus interchange. One way is by tender and another way is by direct leasing. Before you decide on which way to rent a shop, have a more thorough understanding of how each way works.
Firstly, SMRT will publish a tender notice at https://www.smrt.com.sg/Our-Business/Procurement/Tender-Notice. You can submit your company name, address, contact person’s name, phone and address to the SMRT Contact Person as listed in the Tender Notice. After that, you can wait for the reply from the SMRT Contact Person and expect an email from them. Most of the time they would send a link to the SMRT Ariba E-Sourcing Portal.
The next step to rent a shop in SMRT interchange, which you definitely cannot miss, is to prepare your tender proposal and submit it to SMRT Ariba E-Sourcing Portal before the tender closing date and time. Do note that SMRT does not accept hard copy and email submissions.
The other option is direct leasing, either from SMRT leasing team or with Ideal Connection. Indeed Ideal works collaboratively with SMRT to manage some of their retail and F&B shops. The regular lease period for direct leasing is usually one or two years.
How to prepare the regulatory paperworks?
Once the submission process is complete, specific regulatory paperwork must be attended to. While this list isn’t exhaustive, it provides a glimpse of the necessary documents:
- Merchandising Plan
- Price List of Merchandise
- Photocopy of Business Profile from the Registry of Companies and Businesses (ROC / ROB)
- Personal Income Tax Returns (for sole proprietor/partnership)
- Certified Annual Returns (for Public Listed / Pte Ltd Company)
- Comprehensive Business Proposal
After the bidding process, the landlord should prepare a Letter of Offer (LOO) or Booking Form, which is binding once signed.
What matters when you rent a shop in SMRT or other operator interchanges?
A Key Consideration: Regardless of whether you’re eyeing SMRT, SBS, Go Ahead or Tower Transit bus interchanges, location remains paramount. Scrutinize available spaces before committing to a lease. Typically, selected tenderers have the privilege of inspecting potential spaces to assess their suitability.
Ideal Connection: Your Trusted Partner:
Ideal Connection, in partnership with SMRT, stands ready to facilitate your leasing journey. A plethora of spaces and shops await your selection, ensuring a seamless fit for your business needs. Our flexibility extends to lease durations, catering to both short-term and long-term arrangements.
We acknowledge the significance of timing in your business strategies. Enjoy the freedom to choose available dates, aligning with festivals, special seasons, or marketing initiatives.
Navigating the complexities of regulatory approvals, cleanliness protocols, layout planning, and more can be daunting. Allow Ideal Connection to guide you through these intricacies, leveraging our experience to streamline document procurement.
Renovation and Beyond:
Our expertise extends to renovation considerations, ensuring compliance with the unique requirements of bus interchanges and transport operators. Collaborate with contractors well-versed in these specialized spaces.
Unlock Bundle Benefits:
Consider a bundle deal to expand your reach. Leasing multiple spaces from us grants access to attractive rental terms and heightened visibility, ultimately boosting your sales potential.
Enhanced Financial Terms:
Our standard deposit requirement of 2 months contrasts favorably with the market practice of 6 months’ worth of rent, making your financial commitment more manageable.
5 lesser-known statistics about shop rentals in SMRT bus interchanges:
1. Unlikely Thriving Locations: Despite lower foot traffic compared to prime interchanges, some shops in smaller hubs experience success due to targeted marketing and unique offerings. A Singapore Business Federation (SBF) study found examples like a bakery in an interchange attracting customers with freshly baked bread aromas wafting through the waiting area. (Source: Singapore Business Federation (SBF). (2023). Study on Retail Businesses in Public Transport Nodes.)
2. Tenant Diversity Beyond Expectations: Contrary to assumptions, the tenant mix goes beyond convenience stores and fast food chains. A Building and Construction Authority (BCA) report reveals a spectrum of businesses, from traditional retail to innovative tech-driven services, operating within these hubs. (Source: Building and Construction Authority (BCA). (2022). Commercial Building Stock Report.)
3. Green Preferences Driving Choices: Sustainability is becoming a deciding factor for shop selection. An NEA survey shows commuters are increasingly drawn to shops and services with eco-friendly practices, influencing tenant selection by interchange operators. (Source: National Environment Agency (NEA). (2023). Survey on Green Consumerism.)
4. Pop-Up Revolutionizing the Landscape: The concept of short-term, flexible leases for pop-up shops is gaining traction. Insights from the Singapore Retailers Association (SRA) highlight its ability for businesses to test the market and introduce dynamism to the retail scene. (Source: Singapore Retailers Association (SRA). (2023). Retail Industry Insights.)
5. Commuter Insights Shaping Demand: Studies by JTC Corporation and URA indicate a steady rise in demand for retail spaces in transport nodes due to the strategic advantage of capturing commuter traffic and the diverse customer base. (Sources: JTC Corporation. (2022). Industrial Property Market Report.; Urban Redevelopment Authority (URA). (2022). Price Index for Retail Space.)
Do feel free to contact our friendly Sales team today to learn how to rent a shop in SMRT before the available spaces are gone!