--------------- "Introduction about location of retail store" ----------------- where you choose to locate your retail business will have a major impact on everything your shop does. The difference between selecting the wrong location and the right site could be the difference between business failure and success. Before choosing a retail store location, define how you see your business, both now and in the future. * What do your customers look like? * Can you visualize your building? * Do you know what you want to sell and what you want your business to be known for? * Have you determined how much retail space, storage area, or the size of the office you need? Without the answers to these basic questions, it …show more content…
Determine if the types of businesses nearby are compatible you 're your store. For example, a high-end fashion boutique may not be successful next door to a discount variety store. Place it next to a nail or hair salon and it may do much more business. 5) Location Costs :--- Besides the base rent, consider all costs involved when choosing a retail store location. * Who pays for lawn care, building maintenance, utilities and security? * Who pays for the upkeep and repair of the heating/air units? * If the location is remote, how much additional marketing will it take for customers to find you? * How much is the average utility bill? * Will you need to make any repairs, do any painting or remodeling to have the location fit your needs? * Will the retailer be responsible for property taxes? The location you can afford now and what you can afford in the future should vary. It is difficult to create sales projects on a new business, but one way to get help in determining how much rent you can pay is to find out what sales similar retail businesses are making and how much rent they 're paying. 6) Personal Factors :----- If you plan to work in your store, think about your personality, the distance from the shop to home and other personal considerations. If you spend much of your time traveling to and from work, the
Reasons for this specific site are because of excellent road links for distribution and particularly customers, a good public transport system and land available for sale suitable for new store.
An internal influence that also plays a big part in a business in Location, location is important for profit in a business, closer to the buyers means easy to make profit, especially a walk in shop also appeals to customers, as we see in the articles Masters Taree is placed before taree and closer to Tuncurry, Tinoee and Old Bar, this makes it closer to them then Bunnings does this means a quicker trip from this destination this is a smart idea, also
When customers walk into the store, they first try to adjust themselves according to the surroundings of the store. It is very important to get the customers attention.By viewing the setup and location of the store in relation to the shopping, Paco
For my business, I decided to open up an up-scale designer clothing store. In the city I live, we have a good amount of clothing stores but almost all are found at the local malls. I plan to find a large unit that’s surrounded by many businesses along with steady traffic flow.
Store layout, merchandise display and categorization is superb to facilitate easy tracing / location. Individual store managers have liberty to adjust merchandising mix to suit local taste and placing replenishment orders. Purchasing through central office to get maximum margins, low expense
4) Location- Decisions about where to locate a store are critical to any retailer’s success. Location decisions are particularly important because of their high cost, long-term commitment and impact on customer patronage. Choosing a particular location type involves evaluating a series of trade-offs. These trade-offs generally include the occupancy cost of location, the pedestrian and vehicle customer traffic associated with the location, the restrictions placed on the store operations by the property managers, and the convince of the location for customers.
it. It is important to look at how easy the store is to get to, the environment of which the store is
To gain a better understanding of the retail and commercial activity in the Toronto area, two different types of retail will be evaluated in the following report. The character, market orientation and location of a retail space all play crucial role in contributing to the success of the business. All three aspects of the retail spheres will be carefully assessed in order to make direct comparisons between the two types of retail businesses. The two retail systems that will be contrasted includes the ancillary retail system in downtown Toronto and the Retail Strip on Spadina, south of Baldwin.
I think this response varies dependent on the business that I am opening. For instance, if I was opening a clothing store for after-hour events (Happy Hour, clubbing, etc) I think it would be better to open a store near a lot of bars or local clubs versus opening my store near a mall. I think that when you open a business, you should open one near to where your business compliments other businesses, not always where your competition is. The only exception to where I would open my store near to where my competition exists is in the case of Walmart vs Target. In their case, although they are ultimately the same type of store, the customer experience is very different (price, quality, service,
The stores would cater to the need of locals and tourist. To not cannibalize existing
Based on the provided demographic data points by the real estate company experts, we’re able to utilize the existing 250 stores with 32 various data points. These data points vary from the ethnic backgrounds, family income and size, to the house sizes and the amenities, to the sales and percent of hard goods for each of the stores. We’re additionally geared with the 7 competitive types: 1 – Densely populated areas with relatively little direct competition; 2 – High income areas with little direct competition; 3 – Locations near major shopping centers; 4 – Stores in downtown
We have completed our project in the city of Ashland, Kentucky. If our marketing research is favorable we will opt for a storefront building in the old downtown section of South Ashland.
Gather information with other shops that you admire. Help your self to get some ideas in how you will set up your store. At the same time read some other stories regarding on selling.
Competition in the local areas – As stores are in rows joined onto other businesses it is predictable that someone else in the area is selling the same or related product therefore it puts pressure on the business to overcome rivals and attract more customers.
Place – Place is also very important in the terms of business because before opening the business they should consider the location properly that are they targeting the proper market according to their business. Place must be easy accessible for customers, suppliers etc.