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WELCOME BACK!

This announcement outlines changes to the syllabus, including the rescheduling of Exam #2, the addition of a Group Preparation session, and updates on the Final Exam.

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WELCOME BACK!

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Presentation Transcript

  1. WELCOME BACK! RETAIL LOCATION!

  2. Changes to Syllabus • Moved Exam #2 to Thuesday, 3/27 • Will cover chapters 6,7,8,9,11 (not 10) • We will not cover chapters 13-15 • Added a “Group Preparation” on 4/22, the class period before we start our presentations • Still working on moving the Final Exam.

  3. Chapter 8 Retail Site Location

  4. Why is location important? • The prime consideration in consumer choice • Creates sustainable competitive advantage • Creates potential long-term financial risk

  5. Location Factors or “trade-offs” • Size of Trade Area • Occupancy Costs • Pedestrian and Vehicle Traffic • Restrictions on operations • Convenience

  6. Types of Locations • Unplanned Areas • Planned Areas (Shopping Centers)

  7. Type of Locations

  8. Evaluating Locations • Economic Conditions • Competition • Strategic Fit • Operating Costs

  9. Economic Conditions

  10. Competition • How many stores currently exist within the same category? • Is there an unmet need?

  11. Strategic Fit • Where does your target market live? • What is their demographic profile? • What are their lifestyle characteristics?

  12. Operating Costs • Are the operating costs worth the revenue potential? • Do the reduced costs of operating in close proximity to other retailers outweigh the increased competition?

  13. Site Characteristics • Traffic Flow • Location Characteristics • Restrictions and Costs

  14. Traffic Flow • Key factor in site selection • Accessibility is hidden factor

  15. Location Characteristics • Parking • Visibility • Adjacent Tenants

  16. Restrictions and Costs • Malls and community centers typically have more restrictions

  17. Trade Area Characteristics • Trade Area • Primary Trade area • Secondary trade area • Trade Area size • Site characteristics • Type of shopping area • Type of store

  18. Measuring Trade Area • Customer Spotting • Demographic Data • GIS Suppliers

  19. Measuring Trade Area - online

  20. Group Project - Exercise • IN CLASS: Visit your client’s Web site • Do they have one? How vital do you think the Web to their business? • Does the site match the brand or experience of the in-store experience? • Who is the audience? What can people do on their site? • Does it meet your expectations? What would you expect? • WRITING ASSIGNMENT • Look at their local competitor’s Web sites • How do they compare to your client’s site? • Answer same questions as your client site • Any opportunities? • Look at some national brands in the same category • Any features that translate to a more “local” brand? • Any opportunities to take this “local” brand regional or national?

  21. Group Project - Exercise • Send me what you did in class today via email • Delegate the competitor and national brands out to each team member and let me know who will be doing each competitor site • The assignment is due at the beginning of class onThursday, April 3rd

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