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Location, Location, Location! Chapter 14

Location, Location, Location! Chapter 14. BCEN 2900 Entrepreneurship. Is Location Important?. When is the last time you opted NOT to go to a retail establishment or restaurant because it was not convenient to get there?

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Location, Location, Location! Chapter 14

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  1. Location, Location, Location!Chapter 14 BCEN 2900 Entrepreneurship

  2. Is Location Important? • When is the last time you opted NOT to go to a retail establishment or restaurant because it was not convenient to get there? • Can you think of instances when location was not an important factor in your purchasing decision? • Or, to get out of retail, in what types of businesses might location NOT be an issue?

  3. Choosing the Proper Region and State • What goes into this decision? • Nearness to markets • Nearness to raw materials and suppliers • Wages • Labor supply • Business climate • Taxes • Internet access Tennessee ranked 5th in the nation in 2009 for economic performance and 4th in the nation for workforces!! Tennessee was the 4th most entrepreneurial state in the nation from 1997-2007. Murfreesboro was named by Business Week As one of the Top Places to Raise Your Kids!

  4. Choosing the Right City • What is the population doing? • Who is your competition? • What is the community like? • What are the local regulations? • What is the quality of life where you want to locate your business? • How well do you know this city? Rutherford County is the fastest growing county in Tennessee. The Nashville – Davidson – Murfreesboro area ranks 5th in U.S. markets for “economic strength”

  5. Choosing a Site for a Retail Business • Competition and Substitutes • Transportation • Ethnographic issues • Traffic • Parking • Expansion potential • Visibility • Ask the Chamber for help!

  6. Options for Retail Locations • Central business districts (The Square) • Neighborhood centers (Kroger strip mall at Hwy 96 and Rutherford) • Community centers (Strip mall with Wal-mart on Rutherford) • Enclosed malls • Regional shopping centers (Cool Springs, Brentwood) • Superregional centers (The Galleria, Birmingham) • Lifestyle centers (The Avenue) • Power centers (Between Wal-mart and Stones River Mall) • Outlet centers (Prime Outlets, Lebanon)

  7. Choosing a Site for a Manufacturer • Zoning regulations apply • Transportation important • Need trucking? • Need railroad access? • Nearness to suppliers important • Becoming more important as fuel costs escalate • Foreign trade zones • Only pay tariffs on parts and finished products that stay in the U.S.

  8. External Considerations • Appearance • Entrances • Window displays and views inward • Compliance with ADA • Signage

  9. Interior Considerations • Lighting • Ease of flow through facility • Ergonomics • Lighting • Décor and color scheme • Appealing to consumers’ senses

  10. Layout • What Is It? • Grid, Free-flow, loop, spine • Display items in an appealing manner • Take advantage of customers’ behaviors • Maximize the rent you are paying by optimizing space usage.

  11. Layout for Manufacturers • Product layout • Process layout • Fixed position layout • Functional layout • Ergonomic, process, product, and economic considerations are all important!

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