Tips on Choosing the Best Retail LocationLocation, Location, Location!Tip #1 – Know Your BusinessTip #2 – Find Your CustomersTip #3 – Get a Flavor for the CommunityTip #4 – Scope Out the CompetitionTip #5 – Consider Traffic and AccessibilityTip #6 – Assess the BuildingTip #7 – Balance Cost with Other FactorsSourcesTips on Choosing the Tips on Choosing the Best Retail LocationBest Retail LocationNicole Ferguson, Erin Groebe &Nicole Ferguson, Erin Groebe &Angelina LusettiAngelina LusettiLocation, Location, Location!Location, Location, Location!Image and location are closely tiedImage and location are closely tiedFocus on customer’s point of viewFocus on customer’s point of viewAttract target market to businessAttract target market to businessTip #1 – Know Your BusinessTip #1 – Know Your BusinessUnderstand the needs of the businessUnderstand the needs of the businessBe aware of issues such as:Be aware of issues such as:Walk-in trafficWalk-in trafficAppointmentsAppointmentsZoning restrictionsZoning restrictionsParkingParkingTip #2 – Find Your CustomersTip #2 – Find Your CustomersDetermine target market and Determine target market and potential customerspotential customersUtilize resources such as:Utilize resources such as:US Census BureauUS Census BureauLocal/state agenciesLocal/state agenciesDevelop own demographic profile Develop own demographic profileTip #3 – Get a Flavor for the Tip #3 – Get a Flavor for the CommunityCommunityResearch/investigate the Research/investigate the communitycommunityRead local newspapersRead local newspapersVisit libraryVisit libraryTalk to local business owners for tipsTalk to local business owners for tipsWould business do well there?Would business do well there?Tip #4 – Scope Out the Tip #4 – Scope Out the CompetitionCompetitionDo a competitive analysisDo a competitive analysisDetermine ability to gain Determine ability to gain significant market sharesignificant market shareOffer what competitors cannot Offer what competitors cannot provideprovideTip #5 – Consider Traffic and Tip #5 – Consider Traffic and AccessibilityAccessibilityConsider the following issues:Consider the following issues:ParkingParkingSidewalk accessibilitySidewalk accessibilityFoot trafficFoot trafficOther automobile trafficOther automobile trafficTip #6 – Assess the BuildingTip #6 – Assess the BuildingConsider condition of the Consider condition of the building/space:building/space:AgeAgeTechnological capabilitiesTechnological capabilitiesRoofingRoofingMeets code requirementMeets code requirementTip #7 – Balance Cost with Tip #7 – Balance Cost with Other FactorsOther FactorsLook at the big picture:Look at the big picture:Return on InvestmentReturn on InvestmentConsider factors other than costConsider factors other than costLong-term benefitsLong-term benefitsSourcesSourcesAllBusiness.com “Tips on Choosing AllBusiness.com “Tips on Choosing the Best Business Location.” the Best Business Location.” http://allbusiness.businessweek.cohttp://allbusiness.businessweek.com/article.asp?m/article.asp?ID=11153&CenterID=25&CatID=1ID=11153&CenterID=25&CatID=1822&chan=search.822&chan=search.US Census Bureau. US Census Bureau.
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