Location! Location! Location! May 22, 2013Expert BlogsOff

Thinking of opening your own retail store? Looking for the right location? Well here are 5 quick tips that I learned when it comes to selecting the right location.

Determine whether you have a destination business or if you will rely solely on foot traffic.If you are relying on foot traffic, consider the following:

  1. Visibility- How well can customers see your store from the street? Can they see into your store? Even better!
  2. Foot Traffic-How many people are already physically walking by your store? Do not base this on how many people are speeding by. Customers love to park one time and get everything done in that stop. Being near an anchor store like a large grocery store is an example of high foot traffic. Have you ever counted the amount of people in the grocery store? Trust me, you work twice as hard without the foot traffic.
  3. Parking- How much parking do you have? I made the mistake of renting a small retail strip with most parking in the back of the store. Unfortunately, new customers are not aware of this and we lose customers when the lot is full, especially when your business begins to grow.
  4. Demographics- Who is shopping in this area? Is this your target customer? Do your research and get to know the neighborhood. Ask questions and visit the local stores and restaurants.
  5. Safe and Well Maintained- First impressions mean everything. Be sure that you and your customers will be safe. A clean storefront also adds a nice touch and encourages people to give you a chance.
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