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Tips on Choosing the Best Retail Location

Tips on Choosing the Best Retail Location. Nicole Ferguson, Erin Groebe & Angelina Lusetti. Location, Location, Location!. Image and location are closely tied Focus on customer’s point of view Attract target market to business. Tip #1 – Know Your Business.

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Tips on Choosing the Best Retail Location

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  1. Tips on Choosing the Best Retail Location Nicole Ferguson, Erin Groebe & Angelina Lusetti

  2. Location, Location, Location! • Image and location are closely tied • Focus on customer’s point of view • Attract target market to business

  3. Tip #1 – Know Your Business • Understand the needs of the business • Be aware of issues such as: • Walk-in traffic • Appointments • Zoning restrictions • Parking

  4. Tip #2 – Find Your Customers • Determine target market and potential customers • Utilize resources such as: • US Census Bureau • Local/state agencies • Develop own demographic profile

  5. Tip #3 – Get a Flavor for the Community • Research/investigate the community • Read local newspapers • Visit library • Talk to local business owners for tips • Would business do well there?

  6. Tip #4 – Scope Out the Competition • Do a competitive analysis • Determine ability to gain significant market share • Offer what competitors cannot provide

  7. Tip #5 – Consider Traffic and Accessibility • Consider the following issues: • Parking • Sidewalk accessibility • Foot traffic • Other automobile traffic

  8. Tip #6 – Assess the Building • Consider condition of the building/space: • Age • Technological capabilities • Roofing • Meets code requirement

  9. Tip #7 – Balance Cost with Other Factors • Look at the big picture: • Return on Investment • Consider factors other than cost • Long-term benefits

  10. Sources • AllBusiness.com “Tips on Choosing the Best Business Location.” http://allbusiness.businessweek.com/article.asp?ID=11153&CenterID=25&CatID=1822&chan=search. • US Census Bureau. http://factfinder.census.gov/home/saff/main.html?_lang=en.

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