Retail Location search and study
Chances are, you've heard the term "location, location, location" more than a few times. Putting your business in the proper location might be the single most important thing you do at startup. Also, negotiating a lease that works for you and your business is just as important as the location itself.
Retail space comes in a variety of shapes and sizes and may be located in enclosed malls, strip shopping centers, free-standing buildings, downtown shopping districts or mixed-use facilities. Don't confuse a lot of traffic for a lot of customers ! Retailers want to be located where there are many shoppers but only if that shopper meets the definition of their target market. Small retail stores may benefit from the traffic of nearby larger stores.
- How many people walk or drive past the location?
- Is the area served by public transportation?
- Can customers and delivery trucks easily get in and out of the parking lot?
- Is there adequate parking?
- Can the store be seen from the main flow of traffic?
- Will your sign be easily seen?
In many cases, the better visibility your retail store has, the less advertising needed. A specialty retail store located six miles out of town in a free standing building will need more marketing than a shopping store located in a mall. Pinpointing the specific site is particularly important. In central and secondary business districts, small stores depend upon the traffic created by large stores. Large stores in turn depend on attracting customers from the existing flow of traffic. (However, where sales depend on nearby residents, selecting the trading area is more important than picking the specific site.) Obviously, you want to know about the following factors when choosing a specific site:
- Adequacy and potential of traffic passing the site.
- Ability of the site to intercept traffic in route from one place to another
- Complementary nature of the adjacent stores.
- Adequacy of parking.
- Vulnerability of the site to unfriendly competition.
-Cost of the site.