Top 10 Retail Location Tips for Best Sales

0 Shares

Picking the proper retail location for your business can make or break you. We all know location, location, location is that the land mantra but different businesses prosper from different locations.

There’s a shop on a busy corner near me that was turning over lease’s and businesses at a heart breaking rate until a business that has little competition, a customer base that’s constant and growing who is happy to travel outside of the local mall to urge their products moved in. it’s prospering and successful. The shop itself features a relatively cheap rent because the situation is not the most desirable albeit it’s a high visibility position.

This business sells motorised wheel chairs and accessories. it’s passing traffic of locals who use these vehicles and a wall facing a prominent intersection with large sign showing their products. For them and their product it is a great location. it’s a block faraway from an outsized mall with parking, it’s a ramp for people to simply access it and many of room for the vehicles to maneuver around. it’s across the road from a chemist, doctors and specialists that cater for people that are their key target market. it’s a major example of a business that has picked the right location for it’s customers and products.

So here are the highest 10 tips to travel through when picking the proper location for your business:

Know your audience – define them so you’ll determine if there are enough of them within the area and you’ll meet their needs. How do they shop and when? What do they need and what are you offering where?
Find out how people use the world – is there foot traffic which will stop to buy , is there a high enough density of traffic, is it increasing, decreasing, static? Spend time researching by sitting and recording the amount of individuals within the area and going into the shop – albeit you are going to possess a special product range. Get your hard numbers to form informed decisions.
How and when do people get to the world – conveyance , cars – what is the parking conditions and costs, walking, and the way does this affect the business? Is it a 7 days every week shopping district or a downtown where a delicatessen would believe breakfast and lunch sales 5 days a week? When are the busy times of the week, are people pocket money or being social and window shopping? A mall might look busy but remember that ladies use shopping as a event and may spend longer looking and fewer time spending.
How accessible is that the location? If it’s too hard people just won’t make the additional effort. does one have customers with wheels for strollers or wheel chairs and may they get into the shop and move around? Is there cover or shelter to access the shop during inclement weather? What are the additional marketing and promotional costs to beat poor access? What advantages does one competition have with access?
Very few stores haven’t any competition, albeit their owners think they need a singular product so sensibility and honestly review local competition. Is there too much? How does one want to compete with other businesses – on price, product, service?
Research the local area using maps, population statistics, where your customers will come from and what other shops and malls are within the district. Determine what are the boundaries people use – many do not re-evaluate bridges for normal shopping trips, there’s socio-economic considerations, road access (consider if there’s direct access or going around the block with a method street limitations), work locations and patterns, physical boundaries like rail lines, industrial parks and more.
Talk with local shop owners within the area and with similar shops in other locations for his or her advice and concepts because it is amazing what proportion information people will share. From doing this I acknowledged that the local mall was making money for the mall owners but the tiny businesses and franchises where having a tough time thanks to the high rents and till cuts the mall is taking. You’ll even be ready to determine about local trade patterns – when people are about, what they spend and once they spend. there is a wealth of data free for the taking if you approach other retailers the proper way.
Determining whether you will be best fitted to mall or street strip shopping with the differences in costs and custom. Shopping malls might sound to be the busiest location but their leases, rents and business structures might strip out the profits for alittle business leaving you working for the mall owners instead of building a profitable business for you and your family. Whereas a street location may need less traffic, exposure to weather and a less expensive lease. There are down sides and upsides for both options so undergo them carefully and know where the cash is.
Is there a right side and a wrong side of the road or mall? What are the differences within the rent and therefore the income? How long will it take you to urge into the proper side of the location? does one need to wait or does one have the choice of key money? What are the plans for the world , will there be changes which will impact the situation and for a way long? If there’s construction work planned how will this impact the access, the local noise and dirt pollution and the way long will this continue for?
How much experience does one have with negotiating leases and researching a location to form an informed and intelligent choice which will be the simplest setup for your business? Usually retailers have a limited range of experience and to create an understanding of the local market it is best to seem at as many properties as possible to urge a solid understanding of lease rates, terms, facilities and considerations. Bringing on board a retail property consultant can make a true difference to how successful your business are going to be – remember your life savings are usually on the road and investing in an expert is far cheaper than losing all of your money.
Doing your research makes all the difference. Location is significant but that does not mean it must be the foremost prominent position with the very best rent. Location works when your customers come and spend money with you.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *