It's all too easy to get caught up in the current economic problems and to forget long range planning for your retail business.

Smart retailers should begin thinking about whether it makes sense to upgrade to a better store location when the economy improves.

With many retailers going out of business, there are some excellent locations becoming available. If you have a stable business but are held back by your location, you should begin exploring potential options and be ready to act once the economy turns around.

If your lease is expiring soon, try to avoid making a long term commitment to your current location. If you do renew your lease, you should definitely negotiate and see if you can obtain a lower lease payment.

Retailers are now in the drivers seat in regards to monthly rents. There are many prospective locations available, which will allow you to move to a better location at an attractive rent payment or renegotiate a lower rent when you make known to your landlord that you are looking at other location options and expect them to offer a competitive rental rate.

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