Starting a shop or off-licence business often comes with dreams of flexibility, family time, and a balanced lifestyle. However, many owners quickly realise the reality can be very different — long hours, constant demands, and the business becoming all-consuming. If you’ve reached the point where selling is the best option, it’s essential to approach the process strategically.
At Property Buyers, we specialise in supporting business owners across the UK to sell their shops, licences, and commercial properties efficiently and with expert guidance. Our team understands the market’s unique challenges and is here to help you every step of the way.
1. Planning Is Crucial
One of the most common mistakes is assuming your shop will sell as soon as it hits the market. Selling a business takes time, and patience is essential.
Set a realistic timeline for your exit and begin marketing your business early. Inform local agents that your off-licence or empty shop is for sale and actively look for potential buyers. Don’t forget to check your VAT status, as this can impact the sale process.
2. Choose the Right Broker
It is vital to select an experienced broker who understands your type of business. Brokers tend to prioritise listings they believe will sell quickly, so make sure yours is among them.
Factors influencing a broker’s interest include:
- Turnover and profitability
- Location and customer base
- Condition and presentation of the premises
- Financial records
- Your asking price
Avoid switching brokers frequently, as this can damage your business’s reputation and delay the sale. Instead, take the time to research and select a broker with a proven track record in selling off licences and retail premises.
3. Be Proactive in Marketing Your Business
While your broker plays a key role, could you not rely on them exclusively? You know your business best; your enthusiasm can be a powerful selling tool.
Network within your community, inform friends and family and look for potential buyers. An active role can help speed up the sale and secure a better price.
4. Price Your Business Realistically
Overvaluing your shop can deter serious buyers and extend your time on the market. Emotional attachment can cloud judgment, but financial facts will always guide negotiations.
Key factors for pricing include:
- Annual turnover and profit margins
- Location and footfall
- Whether you’re selling a fully operational business or just the property
Being realistic about these elements ensures you set a competitive price that attracts genuine interest.
5. Identify the Right Buyer
Not all buyers are suitable. The first offer you receive may come from someone unfamiliar with the retail sector, underestimating the commitment required.
Look for buyers who:
- Demonstrate a clear understanding of the business
- Have realistic financial capabilities.
- Show genuine enthusiasm and commercial insight.
Ask potential buyers how they intend to finance the purchase. A serious buyer will respond confidently and likely ask about your asking price, signalling genuine interest.
Selling an empty shop or off-licence can be challenging, but with careful planning, the right advice, and proactive marketing, you can achieve a successful outcome. For professional support and tailored advice, please contact us at Property Buyers, your trusted partner in business sales.
FAQs about what to do about empty shops
Many factors affect the value of an empty property, which can make it difficult to pinpoint an exact number. A few primary influencers are rental rates of properties in the area, the size and business classification of the property, and its distance to areas like schools or hospitals. In general, smaller commercial properties tend to have a lower value than larger ones. It’s also important to note that sometimes it is not just what is on the inside that makes a space valuable–exposure (e.g., storefronts in densely populated locations) or location (e.g., on busy street fronts), among other factors, play a large role in determining whether any given commercial space will be economically viable for rent – therefore influencing how much it is worth
You could try to come up with a unique product that’s not available anywhere else, or drive enough traffic to make it more worthwhile to your customers. The latter is a more realistic goal for a small business, and something that could be achieved with a strong local marketing campaign: I.e., an MP cutting a ribbon. Many shops act as hubs for other shops
For your empty commercial unit, there are two things you need to do to attract more customers: 1. Publish a blog about the products and services you provide, and 2. Start a Facebook page and a Twitter account and use them actively. It’s important to have a website that attracts more customers. You can use your website to show pictures of any products and services and also write blog posts about the specific needs of my customer. The information on the website can attract customers who are more interested in what the website is offering. And the website can also be a bridge between the customers and me. You can post the location of your shop, and some information about the shop’s unique products.
An empty property owner has more options than just residential or commercial premises. One of those options is to hire a property manager so they can convert the building into individual units for short term lease. Others may opt to turn the site into a mixed-use development, which often has separate entrances and parking spaces for both commercial and recreational use (a combination that creates vibrant streetscapes). Although it’s not possible to guarantee what type of tenant will move in, an experienced broker will be able to inspect the location of your commercial properties and advise you on what you can feasibly charge in rent.
Empty shop premises, also known as vacant shops, mean more than just the loss of a business. It’s a symbol of there being little in the way of options available for residents and customers. As this is true for areas across the world, empty shops have been one underlying factor in why communities are becoming less liveable. This situation is exacerbated by the trend to offer up big blocks as retail space which leaves only little pockets of traditional stores left amid increasingly uninteresting retail parks that surround them. That said we’re seeing some economies recovering from this malaise with new investment and innovative approaches like pop-up stores and multi-functional stores springing up everywhere from an old petrol station through to local shop hosting services – like drop off parcel points, dry cleaners, money transfer shops, and etc.
There is no easy solution to the problem of empty stores. Empty shops can be due to several factors such as a change in customer preferences changing lifestyles, or changes in the economy. The council is faced with having to respond as quickly as it can if we are to retain vitality and vibrancy though other measures may need to be considered. Trying new things has paid off before – such as when living breathing sculptures were installed outside galleries round Barking Riverside, which prompted people outside cafés and restaurants. Your council may have a regeneration plan – so it is advisable to seek whether there are grants or advice available.