Your retail store's location can have a massive impact on the success of your business. With that in mind, carefully considering the factors below will help you make the right site selection and ensure your business can maximize revenue.
How attractive the location is to customers
The first thing that you will need to consider when choosing a retail site is how attractive that location is to your target demographic. This means you will need to think about the geographical location, as well as the general aesthetics of the site and whether they appeal to the people you are trying to sell to.
For example, if you have a high-end fashion store a site in an out of town retail park may be best. However, installing your shop in a lower rent area of town is likely to put customers off.
Additionally, you need to think about where your ideal customers are already likely to be. This is because if you choose a spot they already frequent you can be sure of enough footfall to make your business a viable one.
Whether the city zoning allows for your store
Another very important consideration when looking for a site for your retail store is the city zoning regulations. You will find that you cannot open a store in just any old location. Instead, you will need to seek one out within an area that is specifically zoned for commerce.
This can be challenging too, as good sites in such locations can be hard to come across. Especially in town centers and on high streets, which means you could end up having to wait until a space becomes open.
Ease of accessibility
For your retail; business to be successful you will need to be located in a spot that not only customers can get without any hassle, but is accessible for deliveries, and is easy for your employees to reach as well.
Of course, comparing locations on this criteria can be a challenge as there are so many data points involved. The good news is some tools can help you with this take.
You can even read all about the main tools on offer in this post about distance matrix vs directions api, which includes the Google version of this tool. Then you will be able to choose the right one that will provide accurate data to help you choose the best site for your retail store.
The costs involved
Last, of all, it doesn't matter if you find the perfect site that fits all the criteria above if it's over your budget. After all, you will have to deduct your operating costs from your revenue to get your profits, and that means paying too much out means you could lose money instead of making it.
However, it is worth qualifying this statement, because getting the right location can also be worth a great deal in marketing and brand awareness. That is why it's important to carefully estimate the advantages it could provide and work these into your overall cost calculations just like you would do with other marketing costs.