The location of your retail business will have a major impact on the success of your shop. The success or failure of your business depends if you choose a wrong location or a right one. Before you choose a location for your shop, you need to define how you see your business in the present and in the future. Ask these questions
1. Who are your customers
2. How do you visualize your building
3. Do you know what you want to sell and what you want your business to be known for
4. Have you determined how much retail space, storage area, or the size of the office you need
If you don?t know the answers to these questions, it will be harder for you to find that perfect location to generate the maximum amount of profit for your retail store.
Type of Goods
Identify what kind of products you sell, as some products will require a certain type of location. You need to know if you should consider a convenience store, a specialty shop or a shopping store.
1. Convenience goods require easy access, allowing the customer to make a quick purchase. A mall will not be a good location for convenience goods. These products are low-priced and are purchased by a wide range of customers.
2. Specialty goods are more unique than most products and customers generally won?t mind travelling out of the way to purchase these products. A specialty store may also do well near other shopping stores.
3. A shopping store usually sells items at a higher price which are brought infrequently by the customer. Furniture, cars and high-end clothing are example of goods found at a shopping store. Due to the higher prices of such items, customers usually want to compare prices before making a purchase. Therefore, retailers will do well to locate their store in similar stores.
Population and Your Customer
Research the area thoroughly before making a final decision. Read local papers and talk to other small businesses in the area. Get location demographics from the local library, chamber of commerce of the Census Bureau. These sources will provide you with the information on the area?s population, income and age. If you know who your target market is, make sure to find a location where they live, work and shop.
Accessibility, Visibility and Traffic
An area with a lot of traffic doesn?t necessarily mean that it will also produce 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.
1. How many people walk or drive past the location
2. Is the area served by public transportation
3. Can customers and delivery trucks easily get in and out of the parking lot
4. Is there adequate parking
Depending on the type of your business, it would be wise to have somewhere between 5 to 8 parking spaces per 1,000 square feet of retail space.
Signage, Zoning and Planning
Before signing a lease, make sure that you understand all the rules, policies and procedures related to your retail store location. Contact the local city hall and zoning commission for information on regulations regarding signage. Ask about any restriction that may affect your retail operation and any future planning that could change traffic, such as highway construction.
Competition and Neighbors
Other area businesses in your prospective location can actually help or hurt your retail shop. Determins if the types of businesses nearby are compatible to your store. For example, a high-end fashion boutique may not be successful next door to a discount variety store. Place it next to a nail or hair salon and it may do much more business.
Author Resource:-
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