Choosing a location for your retail store or other business is just as important as choosing the right location for your home. As you’ve probably heard, it all comes down to “location, location, location”. But if location is so important to the future of your business, how do you choose? Keep reading to find out what to consider when choosing a retail store location.
Population and target audience
Before you start researching a location for your retail store, you must first determine who your target audience will be. Your target audience should always consider the location of your retail store as this is an important part of brand recognition and customer engagement. For example, if your target audience includes people in their 20s and 30s, choosing to locate your business near a retirement community is a bad example of a location choice.
Make it accessible and visible
When choosing your retail location, consider the area around it. Is your future store located on a busy street with a lot of traffic? Or is it in an area where stores seem to be disappearing left and right? You want to locate your retail store near high traffic areas. It doesn’t have to be car traffic exclusively – malls or linear malls with a lot of foot traffic are also great options, especially if you have an eye-catching storefront idea.
Beware of competitors in the area where you plan to open your retail store. A long-standing, more established business selling the same products or services can be difficult to compete with, especially if it has a multitude of loyal customers. As a new store, you will attract new customers who are intrigued by a new opening, so take advantage of those crowds by staying away from the already established competition and creating loyal customers.
Then there is always the cost of the location to consider. In addition to comparing the cost of the building with your budget, be sure to consider other location-specific issues. Will the building need renovations before you’re ready to move in? Who oversees building security, lawn care, heating, air conditioning and other equipment? Asking the right questions can give you a better idea of the property and location.
Do you have a better understanding of deciding on a location for your business? Remember these tips on what to consider when choosing a retail store location for your future business.