One of the most important steps in launching a new retail store is choosing the right location for it. You can offer the best products at the lowest prices in town, but you won’t succeed unless your store is in the right location. So, how do you choose a location for a retail store or business?
Is It Easy To Find?
Granted, you might save some money on lease by setting up your store in an obscure part of time, but this ultimately come back to haunt you in the long run. A smarter solution is to choose a location that’s visible, easy to find, and contains other retail businesses nearby. You can expect to pay more when leasing premium commercial real estate such as this, but it’s a smart investment that will give your retail store a helpful boost.
What’s The Competition Like?
Another element you should look for when choosing a location for retail store is competition. The presence of other retail stores in the area is a positive sign. Conventional wisdom should lead you to believe that it’s a good location if similar businesses experience success. However, areas crowded with too much competition can prove to be a nightmare for new retail stores. Check both the phone book and online to see how many retail stores are currently active in the area.
Price Comparison Shopping
Profit margins are often narrow for new retail stores, which is why it’s important for owners to shop around before choosing a location. You can call different buildings and shopping centers to request a lease quote. After gathering a dozen or so, narrow the list down even further based on your target demographic.
Research Your Target Demographic
Once you’ve narrowed the location of your retail store to a few possible choices, gather some information on the surrounding demographic to help make your decision. You can also gather data on a particular area by looking at public records. Don’t be afraid to spend some time at the local library researching the area. Educating yourself on the area allows you to make smarter decisions on which location is right for your retail store.
If you have any questions at all about visual merchandising, please give us a call at 800.241.6897 or email us at https://www.melvinroos.com/contact-us/.