Finding a possible location for a new pharmacy

[blueclassring]

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We've all heard the famous adage that real estate's value has to do with "location, location, location!" I guess the same can be said for choosing a possible location for a new pharmacy. Where is the best place to build a new independent pharmacy? (ie between a cluster of chains, near a grocery store, alone in commercial/industrial area, leasing a space from a grocery store)

 

[Rumplestiltazepam]

If you leased a space from a grocery store, you would have a lot of traffic everyday and probably be able to buildup a patient base quicker than in a stand alone space but you would most likely never have the option of buying the structure/land. It would also give you easy advertising most likely, you could buy ad space in the already established grocery stores weekly advertisements.

Most grocery stores already carry OTC items, negative of that location.

 

[blueclassring]

I agree that foot traffic in a grocery store would be built in from the get-go, and that does have it's advantages. Busy intersections with corner lots are also a great bet, but these lots are typically more expensive to lease.

 

[FORTLIVINGROOM]

Now is one of the best times to get into commercial real estate. If one had the capital the timing is excellent. The prices will continue to get better into 2009 and likely not rebound until late 09/ mid 2010.

A lease contract could be had for little.

 

[blueclassring]

Yes, I've heard the same thing. In fact, I called several lease companies for my area and the rent is unbelieveably low in some areas. The economy has slowed down, so business is slow for them as well. I wonder if we can still negotiate.

 

[FORTLIVINGROOM]

Many people have said this is the beginning of the mortgage crisis in commmercial real estate.

Instead of leasing it wouldn't be a bad idea to look into purchasing a building instead of leasing one, especially if the government were to provide low interest loans to first-time business owners or something like that. All the bailout money directed at large corporations is not going to help the small business owner, and eventually thay will have to provide assistance to help them weather the coming storm.

 

[blueclassring]

If the government could help out with certain subsidies to get the pharmacy entrepreneur started then I would be all for it. That is one great way to stimulate the economy.