Tips on Choosing the Tips on Choosing the Best Retail LocationBest Retail Location
Nicole Ferguson, Erin Groebe &Nicole Ferguson, Erin Groebe &
Angelina LusettiAngelina Lusetti
Location, Location, Location!Location, Location, Location!
Image and location are closely tiedImage and location are closely tied
Focus on customer’s point of viewFocus on customer’s point of view
Attract target market to businessAttract target market to business
Tip #1 – Know Your BusinessTip #1 – Know Your Business
Understand the needs of the businessUnderstand the needs of the business
Be aware of issues such as:Be aware of issues such as:
Walk-in trafficWalk-in traffic
AppointmentsAppointments
Zoning restrictionsZoning restrictions
ParkingParking
Tip #2 – Find Your CustomersTip #2 – Find Your Customers
Determine target market and Determine target market and
potential customerspotential customers
Utilize resources such as:Utilize resources such as:
US Census BureauUS Census Bureau
Local/state agenciesLocal/state agencies
Develop own demographic profile Develop own demographic profile
Tip #3 – Get a Flavor for the Tip #3 – Get a Flavor for the CommunityCommunity
Research/investigate the Research/investigate the
communitycommunity
Read local newspapersRead local newspapers
Visit libraryVisit library
Talk to local business owners for tipsTalk to local business owners for tips
Would business do well there?Would business do well there?
Tip #4 – Scope Out the Tip #4 – Scope Out the CompetitionCompetition
Do a competitive analysisDo a competitive analysis
Determine ability to gain Determine ability to gain
significant market sharesignificant market share
Offer what competitors cannot Offer what competitors cannot
provideprovide
Tip #5 – Consider Traffic and Tip #5 – Consider Traffic and AccessibilityAccessibility
Consider the following issues:Consider the following issues:
ParkingParking
Sidewalk accessibilitySidewalk accessibility
Foot trafficFoot traffic
Other automobile trafficOther automobile traffic
Tip #6 – Assess the BuildingTip #6 – Assess the Building
Consider condition of the Consider condition of the
building/space:building/space:
AgeAge
Technological capabilitiesTechnological capabilities
RoofingRoofing
Meets code requirementMeets code requirement
Tip #7 – Balance Cost with Tip #7 – Balance Cost with Other FactorsOther Factors
Look at the big picture:Look at the big picture:
Return on InvestmentReturn on Investment
Consider factors other than costConsider factors other than cost
Long-term benefitsLong-term benefits
SourcesSources
AllBusiness.com “Tips on Choosing AllBusiness.com “Tips on Choosing the Best Business Location.” the Best Business Location.” http://allbusiness.businessweek.cohttp://allbusiness.businessweek.com/article.asp?m/article.asp?ID=11153&CenterID=25&CatID=1ID=11153&CenterID=25&CatID=1822&chan=search.822&chan=search.
US Census Bureau. US Census Bureau. http://factfinder.census.gov/home/shttp://factfinder.census.gov/home/saff/main.html?_lang=en.aff/main.html?_lang=en.