Factors Affecting the Location of Retail Store Like Vishal Megamart
1090 WordsJan 27, 20115 Pages
--------------- "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