Questions To Consider When Deciding On Store Location
You’ve heard it before and you’ll hear it again. Location matters. When it comes to selecting where you want to open a store, restaurant or any other consumer driven business, where you select means A LOT. While the product you select to sell and how you market your store is also extremely influential in your success or failure, the location of your store plays a huge part as well.
Whether you have a store or want to shop for a location to open a store, the questions below can help guide you in determining if where you are or where you want to be is right for your business.
1. Is the location you are looking at zoned appropriately to support your type of business? This is particularly important for those selling food, alcohol or offering services.
2. Does the space you are looking at need repairs? If so, consider the expense this will have on you, as well as discuss options with the property owner and see if they can make necessary repairs.
3. Speaking of owners, are the lease terms and rent in tune with both your expectations and budget? Don’t ignore any fine print here.
4. What other expenses will you have beyond rent, such as electricity? Some rents cover this, some don’t.
5. Does the location you are looking at have like-minded businesses with like-minded customers already existing? If not, really consider why other retailers are not already there and determine if you want to be the leader in settling into this area.
6. Are the demographics of your customers also the demographics of the neighborhood you are looking at? Customers may come to you from far and away, but never underestimate the power of foot traffic.
7. Is the location you want convenient to where you live? A commute is a commute no matter where you are driving to, so consider how much extra time you want to add onto your day.
8. Is the neighborhood and store location you are looking at consistent with the brand you are trying to build? We all make exceptions, but cutting yourself short on this may mean comprising your business goals and sales.
9. Is parking or public transportation easy for customers? Walking neighborhoods are great, but ultimately accessible parking and transportation is important as well.
10. Will deliveries and pickups from this store location be easy or challenging? Remember, as a retailer you work a lot with your local UPS man. Make sure to make deliveries and pickups as easy as possible.
Remember that location is a vital part of the retail equation. However, it’sjust a part of it. Even having the right location can’t guarantee success in sales.