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 likely heard, it all comes down to “location, location, location.” But if the location is so important to the future of your business, how do you possibly choose? Keep reading to learn what to consider when choosing a retail store location.
Population and Target Audience
Before you begin searching for a location for your retail store, you should first determine who your target audience will be. Your target audience should always factor into your retail store location, as it’s an important part of brand recognition and customer engagement. For example, if your target audience includes those in their 20s and 30s, choosing to locate your business near a retirement community is a poor example of 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 lots of traffic? Or is it in an area where shops seem to disappear left and right? You want to locate your retail store near areas with lots of traffic nearby. That doesn’t have to be exclusively car traffic either—malls or strip malls with lots of foot traffic are great options, too, especially if you have an eye-catching window display idea.
Watch out for competitors in the area where you consider opening your retail store. A long-standing, more established business selling the same products or services can be difficult to compete with, especially if they have a wealth of loyal customers. As a new store, you’ll draw new customers intrigued by a new opening, so make use of these crowds by staying away from the already-established competition and creating loyal customers.
Then there’s always the location cost to consider. Along with comparing the cost of the building with your budget, make sure that you consider the other location-specific questions. Will the building need any renovations before you’re ready to set up shop? Who oversees building security, lawn care, heating, cooling, and other amenities? Asking the right questions can give you a better feel for the property and location.
Do you have a better grasp of deciding on a location for your business? Remember these tips for what to consider when choosing a retail store location for your future business.