Choosing whether to open a retail location and then selecting the right spot can play a big role a business’s success or failure.
To help you in this process, this article lists several things you should consider when selecting a location for a store.
What Can It Provide?
Before you open a physical retail location, you should consider whether it will be worth the extra benefits it can provide to customers. Some businesses may be able to operate with an e-commerce presence only. However, others can certainly benefit from a physical presence—but only if you take it into consideration when planning. For example, it makes little sense to open a clothing store if customers cannot try the clothes on before buying.
Location is supremely important for a retail location’s success. When deciding on a location, questions like these can be helpful:
- Is the space big enough to accommodate my business’s needs? Alternatively, will I be paying extra for space the business will not use?
- Are there other businesses nearby? (The foot traffic from those may be a helpful source of potential customers.)
- How accessible is the location? Is there parking, public transportation, or easy accessibility by foot?
- How visible is the location to people looking for it?
- Does the location look inviting?
- Will any local zoning laws get in the way of opening here?
Don’t Forget the Online Side
Even if you select a great retail location, it is important to not neglect promoting your store on the internet. According to Forbes.com, some great strategies for doing so include using online platforms to invite people to events and using “content marketing to promote offers that incentivize in-store visits.” In sum, make the extra effort to get people into your store.
Steadfast Funding Partners’ other blog posts have troves of information on additional business topics, so be sure to check them out!