The location for their business is one of the most important decisions a retailer has to make. An in-depth study of the characteristics of the place, its area of influence, proximity to potential customers, competition, town planning limitations, traffic, flow of pedestrians, whether to let or buy… These are all considerations that can tip the scales in favour or against the desired location for your future business.
One factor in the decision of where to locate is the financial factor. We all want the largest space at the lowest price with the guarantee of obtaining the greatest possible ROI. But given that the reality does not always offer us the conditions we want, it’s important to have a team of experts who can assess the spatial needs required for each product and compare these against all the locations available. This way you can obtain exactly the amount of space your retail business needs and which perfectly fits your goals, without unnecessary extra expense.
Relevant factors in the selection of the perfect location
Additionally, you need to study other characteristics of the place which will have a direct effect on the capturing of customers. These include factors like the area of influence, proximity to potential customers and traffic. Depending on the different retail businesses, the requirements of these points may differ considerably.
But accessibility is not only important in terms of customers but also in terms of staff. Particularly in large cities, criteria such as the availability of parking can become important points when it comes to attracting qualified personnel.
Another factor is the competition. To get a realistic idea of the situation, it’s important to objectively and sincerely assess the strengths and weaknesses of the business (SWOT analysis) to then analyse the influence of the competition in the area. Retail360 advises you on all aspects to assess the situation and find satisfactory solutions.