Tips on Choosing the Tips on Choosing the Best Retail LocationBest Retail Location

Nicole Ferguson, Erin Groebe &Nicole Ferguson, Erin Groebe &

Angelina LusettiAngelina Lusetti

Location, Location, Location!Location, Location, Location!

Image and location are closely tiedImage and location are closely tied

Focus on customer’s point of viewFocus on customer’s point of view

Attract target market to businessAttract target market to business

Tip #1 – Know Your BusinessTip #1 – Know Your Business

Understand the needs of the businessUnderstand the needs of the business

Be aware of issues such as:Be aware of issues such as:

Walk-in trafficWalk-in traffic

AppointmentsAppointments

Zoning restrictionsZoning restrictions

ParkingParking

Tip #2 – Find Your CustomersTip #2 – Find Your Customers

Determine target market and Determine target market and

potential customerspotential customers

Utilize resources such as:Utilize resources such as:

US Census BureauUS Census Bureau

Local/state agenciesLocal/state agencies

Develop own demographic profile Develop own demographic profile

Tip #3 – Get a Flavor for the Tip #3 – Get a Flavor for the CommunityCommunity

Research/investigate the Research/investigate the

communitycommunity

Read local newspapersRead local newspapers

Visit libraryVisit library

Talk to local business owners for tipsTalk to local business owners for tips

Would business do well there?Would business do well there?

Tip #4 – Scope Out the Tip #4 – Scope Out the CompetitionCompetition

Do a competitive analysisDo a competitive analysis

Determine ability to gain Determine ability to gain

significant market sharesignificant market share

Offer what competitors cannot Offer what competitors cannot

provideprovide

Tip #5 – Consider Traffic and Tip #5 – Consider Traffic and AccessibilityAccessibility

Consider the following issues:Consider the following issues:

ParkingParking

Sidewalk accessibilitySidewalk accessibility

Foot trafficFoot traffic

Other automobile trafficOther automobile traffic

Tip #6 – Assess the BuildingTip #6 – Assess the Building

Consider condition of the Consider condition of the

building/space:building/space:

AgeAge

Technological capabilitiesTechnological capabilities

RoofingRoofing

Meets code requirementMeets code requirement

Tip #7 – Balance Cost with Tip #7 – Balance Cost with Other FactorsOther Factors

Look at the big picture:Look at the big picture:

Return on InvestmentReturn on Investment

Consider factors other than costConsider factors other than cost

Long-term benefitsLong-term benefits

SourcesSources

AllBusiness.com “Tips on Choosing AllBusiness.com “Tips on Choosing the Best Business Location.” the Best Business Location.” http://allbusiness.businessweek.cohttp://allbusiness.businessweek.com/article.asp?m/article.asp?ID=11153&CenterID=25&CatID=1ID=11153&CenterID=25&CatID=1822&chan=search.822&chan=search.

US Census Bureau. US Census Bureau. http://factfinder.census.gov/home/shttp://factfinder.census.gov/home/saff/main.html?_lang=en.aff/main.html?_lang=en.