Retail Real Estate – Do You Know What Yours Is?

Have you ever wondered what the specific value of space is in your store? A good way to equate value to your retail floor space is to access the best parts of your retail floor plan and determine the worst spots, as well. In doing this, you will be able to understand your retail real estate.

What Make a Hot Spot in Retail Real Estate

Is there a spot on your floor that everyone seems to notice first, no matter what is being merchandised? Traditionally, this spot usually includes store front window displays, aisle displays, and the merchandising space by the check out counter. In addition, wall space can often provide valuable retail real estate since it lifts the eyes of the consumer and draws attention if merchandised well. Locate the best real estate spots in your store and begin to take inventory of the product featured in these spots and their sell-thru. Then, as time progresses, start to utilize these spots to turn inventory over through the use of retail real estate. Are you looking to highlight new product? Use your real estate hot spots to do this. Need to get rid of some access inventory? Again, use your real estate hot spots to help you move your product. Make sure you acknowledge the change in your retail real estate as your product and season changes, therefore adjusting your floor plan, as well. When you move fixtures, your retail real estate may adjust, also.

What Makes a Weak Spot in Retail Real Estate

Have you ever noticed a spot in your store that no matter what you merchandise there, it just doesn’t seem to sell or even get noticed? This is a retail real estate weak spot. Nearly every store has them and yet many stores don’t know how to use them. The reality is that you probably need this space for your products, so good or bad, you have to use it. A few ideas to help make the best use of this real estate is to showcase product here that are double exposed somewhere else, which is a common practice for retailers to do (show your product in more than one spot to ensure visibility). Another idea is to put something here that customers know they want, such as stocked items including t-shirts or socks. In other words, offer something in this weak spot that customers come to your store for and will find no matter where it is placed. Finally, you could always use this space to feature your sale items. Everyone likes a sale nowadays, so put your weak real estate to good use by showcasing your great markdowns and must haves at discounted prices!

By understanding how your retail floor space works for you, you can then use this to your advantage when merchandising your store. Make sure you know your retail real estate to make sure that it is working for you!