Concerning a retail store location, you’ve got two paths to glory and company success. The first one is to trust your gut feeling and find out the hard way. Casualties are inevitable unless you are blessed as seven, or a natural born retail genius.
The second path is to produce an educated guess, based on self-assessment. Use your sober judgment, public information and think of all of the examples the relate to your situation. After all, countless entrepreneurs have been in your situation before.
Many have failed, some fast, some in slow and painful manner — why? Many have succeeded, and constructed large retail chains — why?
When you think of it, no success story in brick-and-mortar retail may happen in a bad location.
Sometimes the location looks like a terrible option, but then again there has to be an advantage. Maybe the place is amazingly logistically, so the merchant can keep prices lower? Or is the area quickly evolving?
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Deciding the retail location is a must for success, but do not be scared. After all, all you will need to do is select several possible places and compare these. Don’t search for an utterly perfect place for anyone, start looking for the ideal spot for your organization.
So what we suggest, is that you compare the retail locations, with a fairly simple questionnaire. Individuals working with places in big retail chains use comparable mind-maps, and as you have probably noticed, the big retailers are usually far more successful today, gulping small businesses for breakfast, lunch, and dinner.
Simply fill it for each location, or include pros and cons to each choice, using the questions as a mind map.
How much retail, office and storage space do you want? Is there room to grow if you begin with minimal retail area?
Does the place meet your specialized needs?
Electricity, gas, sewer system. Construction and renovation of vital systems can be costly.
What is the general nature of the area you are considering to do successful business in?
Is it a business or a residential area? Central or borderland?
Is the neighborhood old or new, is it on the increase, or declining? Are its people poor, wealthy, or average? Are there any ethnic or cultural groups with an other-than-average shopping list? Is the vast majority of prospective clients in the middle-aged or young group?
Will the location provides you a loyal and local customer base, or you must attract passing customers? Both can be good, you simply have to adjust your company accordingly.
How can the pedestrian traffic transfer?
There is a general rule: a fantastic location for a merchant seeking the consumer on a planned shopping trip is across the right-hand side of the main street leading into a shopping district and adjacent to other roads carrying traffic into, from, or around town.
If you feel you like the place, visit it on various hours of the day, on working days, and during weekend. You could be amazed! The general rule might not be working, either. Count folks, and mark it down. Do not count one by one, but gauge just enough so that you can compare places later on. How a lot of people on”your” side of this road? When it’s the opposite side they favor, they’re not you customers.
Which other retail shops are near neighbors? Do these shops draw people past the place, or lure them to take another path?
Does your direct competitor already function in the neighborhood?
How do? Do you’ve got courage and a strong sales proposal to steal their customers? Sometimes, several stores of a similar type can do just fine side-by-side.
Is there subway, a bus stop, a streetcar stop, or a bus depot nearby? Does the location stay in route from the public traffic stop into the most important community destination?
Is parking space available and adequate?
Are there any legal restrictions? A bar may not function in the area of a school. And in most states, you would not risk selling sex toys next to a church. Check with the local community, if the place looks suitable for your retail outlet.
Is there adequate fire and police protection? It is not needed most of the time, but when it finally is, you need it fast.
Other questions will pop up independently. In no doubt, these are answered before by individuals intending to open a new shop.
Have the answers been true? Just examine the retail shops that operate in the area. If they’re doing good, and the place stands out of other options, go and speak with the local shop owner. For those who have guts, you can request your competitor, also.
Even if you’re comparing two locations, it’s much better to write down the answers. Analyze them, and attempt to filter out your own personal feelings which may cloud the judgment.
Individuals in the bank that financing your company can give a fantastic piece of advice. Prior to signing the contract, consult power, gas and water providers. They wish to help you because they will profit when you gain.
One might ask, are there perfect retail places where success is ensured? In theory, a corner with a great deal of pedestrian traffic passing along two roads, with windows facing both roads, entrances on each and with another entry within the building should guarantee your fortune. In practice, the solution is no. Success isn’t static, you need luck and you must work.
Each company is different and neighborhoods change, so no guarantees. In any case, in the event that you analyzed it ahead and made your best guess based on reasoning, not feelings, you need to concentrate on work without further hesitation. You did your best and it’s time to keep on doing your best.
There’s been enormous successes in places where, with rules of logic, the company should have failed. And there have been retail companies that have messed it up in ideal-looking locations.
Flagship Toys’R’ Us store in Times Square is shutting A place alone isn’t likely to make a retail shop fail or succeed, but with a fantastic location, success is far easier to attain.