Location of Your Business
Finding the best retail store location is the foundation for business success. The best retail store locations are those that maximize visibility and access and cannot be out positioned by any competitor. This is the absolute best location within the focal point of the trade area in which your target market cannot miss your retail store. Without a good site selection process any business is at risk to struggle before its competitors.
Understand the nature of your retail business. It is important that you fully understand your target market needs and desires. Once you have a clear understanding of your target market, you are ready to pursue the best retail store locations available out there.
Do a market analysis. This is an important part of the site selection process. If your target area is the city of XYZ, make sure you understand everything about that city from a macro and micro level.
- Plan your driving session ahead so you won’t waste time driving around.
- Before driving the area make sure you carry an updated map of the city.
- Split the City map into mini-markets. It simplifies your market drive and you won’t miss any detail.
- Begin by identifying the main roads on the proposed mini-market. The objective is to identify main intersections, traffic generators such as shopping centers, malls, grocery stores, competitors, schools, recreation areas, etc.
- Identify the focal area of each mini-market. This is the area where you see the most traffic generation activity around.
Identify the best location – the one with most visibility and better access, no matter if it is occupied by other business or not.
Look around and pick at least two more locations close to the best location. These two other locations are the second and third best locations in the trade area. Keep in mind the following: “The best location is not necessarily the one with a “For Sale” or “For Lease” signs.” When you are scouting for a site never prioritize in “For Sale” or “For Lease” signs.
Go ahead and see if it is available for lease or sale even if you do not see any “For Sale” or “For Lease” signs. Arrange an interview with the owner and ask if the location is available or would be available in the future. You will be surprised of how many people will answer in a positive way.
(1735) Page Views