How to Choose the Right Location for Your Retail Store

 

Although people do a lot of shopping online these days, many still prefer to visit a physical location; it allows them to see, smell, touch, and test things out themselves before making a purchase. But if you're going to open a new business or move your current one somewhere else, choosing the right location for your retail store is going to be vital to your success. A well-located store is likely to require less effort and be more successful. Opening a store in the wrong place, on the other hand, will make it a lot more challenging to attract customers. So how do you ensure you are making the right decision? Let Expertmove guide you through the process!

Why is it important to choose the right location for your retail store?

When you have a physical store, location is everything. It will determine:

• how many people see your store in passing,
• what kind of people see your store in passing,
• the size and organization of the space,
• what kind of marketing you can have in and around your store,
• how competitive the environment is, and more.

Your location will define how many customers you get and how easily.

 

Ultimately, this will determine how many potential customers walk in and how many buy something. Ideally, you want to rent or buy a commercial space in a neighborhood where many people in your target demographic live. If you're not sure about a particular location, you should consult a professional. Commercial real estate agents make it their business to know everything about the properties they list, including the kind of neighborhood they're in. They can help you find a property in an area that is suitable for your business.

Choosing the right location for your retail store

When choosing a commercial property to buy or rent for your retail store, it's important to take a few different things in mind. So ask yourself the following:

What are you selling?

If you're selling something specific to a certain location, culture, or climate, then it's best to sell those things where people might be interested in them. A swimsuit store, for example, is going to do well in Hawaii but perhaps not so well in Kansas. The reason doesn't have to be so obvious either - if you sell expensive luxury skincare, you'll want to open a store in a neighborhood where people can afford your products. So make sure you choose a location where your niche can flourish.

Who are you selling to?

Perhaps the most important question when setting up any business, including a retail store, is who your customers are. So who is your ideal customer? You should have a good grip on how old they are, where they're from, and what they respond to. Use this information to find out where this demographic lives - it is there you want to set up a physical store. That way, the people who pass by your store every day are the people who will actually be interested in what you're selling, so targeting and converting them will be easier. You won't have to invest so much in marketing either; instead, you can just focus on making your physical store as enticing as possible.

Ask yourself who your ideal customer is when trying to decide on the right location for your retail store.

How much can you spend on rent and upkeep?

Regardless of whether you are looking to buy or rent retail property, you'll have to set aside a monthly budget for maintaining it. This should include rent (if applicable), utilities such as running water, electricity, and the internet, and upkeep in the form of security and cleaning. There are two essential questions to focus on here: whether the property is within your budget and whether it is worth the price tag. Don't rent something you cannot actually afford; no matter how perfect the location is, it won't pay off if it's eating up too many of your resources.

Is the location accessible?

The more accessible your store is, the better. This doesn't just refer to the legal definition of accessibility either (although that is obviously important). You want to make your store accessible to as many people as possible. In addition to looking for a property that can accommodate a variety of disabilities, you should, therefore, be looking for a place that is easy to find and identify. You don't want potential customers getting lost on the way to your door.

Is the location visible and with a lot of traffic?

Some of the best places for retail stores are on busy streets and in shopping centers. Although competition is tough in such locations, the stores get tons of visitors simply because they are in a place with a lot of traffic. You'll probably want to have buyer representation if you're bidding on such locations to ensure that you're the one who gets them - they are always sought after. If you can't afford such a location, at least look for a store window on a prominent street that's easy to locate. You'll get more visitors that way. The people who are actually looking for your business will have an easier time finding it too.

What is the business landscape in the area like?

Wherever you set up your store, you are unlikely to be the only one doing business in the area. So do your research on other businesses that might be your competition. If other retail stores with similar products exist very near the location you're considering, you might find it harder to get customers without lowering your prices or investing a lot in marketing. On the other hand, you'll also want to avoid locations where there are no other retail businesses; this usually means that there aren't many customers to find in the area.

Research your future competition before settling on a location.

Can you move in easily?

Remember that you need to move into the new space before you can start using it. If you've found a place on the other side of Colorado, for example, you'll need to look for the right assistance to get yourself and your inventory there. Long-distance movers can help you relocate your business, but they can't do magic. So make sure the location is in a place you can reach relatively easily, where you can receive goods regularly, and where you have enough space for storage.

How will you recognize the right location for your retail store?

When choosing the right location for your retail store, it's important to remember that there is no clear-cut answer that fits all businesses. You have to decide based on your own needs, wants, and capabilities. So sit down and think hard about what you're looking for. Then, take the time to do your research. Don't make this decision lightly because moving a business again later won't be easy. Choose a location that is suitable for your current business and your future plans.