8 Key Indicators You Need To Know To Choose The Right Retail Location
Of all the business decisions you’ll make, location is one of the most momentous. Other decisions, from hiring to product lines, can be adjusted relatively easily, but the right retail location can make or break your business for years to come.
As you embark on your site search, keeping these 8 key indicators in mind will help ensure you choose the best site location.
Access, or ingress/egress: One of the most important indicators you need to take into account when looking for the right retail location is access. Can customers get to your location? Is it conveniently situated with obvious ingress or will customers get frustrated trying to get to you and give up?
Visibility: Closely tied to access is visibility. During your site search, you want to make sure the sites you evaluate are clearly visible from nearby roads. Potential signage should also be included as you evaluate potential retail locations. This is not the time to find out that you won’t be able to effectively indicate your location to your customers.
Curb appeal: We evaluate with our eyes first and curb appeal is essential, whether it’s a home, a retail location or another business. A location that’s clean and well maintained are obvious components of curb appeal, but you also want the outward appearance of your potential retail location to reflect what consumers will discover inside your location. While remodeling and retrofitting can address some incompatibilities, finding a building that is already suited to your style can save thousands.
Other nearby stores: Find out whether the proposed new retail location is surrounded by businesses that will potentially complement your products and services. Or, at least find out if there are stores nearby that will simply draw more people to the vicinity. Big box or anchor stores are a good example of this.
Traffic: Speaking of traffic, it’s a key indicator for retail location success for more than one reason. Traffic patterns and traffic flow both play a part in determining whether customers integrate your store into their lives or just keep driving on by. A thorough analysis of both will help you ensure your finding the right retail location.
Total population count in area: Population is an obvious key indicator for a site search, but current population isn’t the only thing you need to know. Is the area growing or are your potential customers moving away and taking your future success with them?
Demographics: Just as important as how many people live in a given area is if the right kind of people live in a given area. A retirement community is probably not the best location for a children’s clothing store. Demographic analysis will help you match your location to the right community.
Psychographics: Thanks to the data-driven site modeling available through OpenDoorData, you can take your analysis of the customer base at a potential retail site to even greater depths. Psychographics refers to the attitudes, beliefs, habits and behaviors of the people living within a given radius around your proposed location.
To learn more about OpenDoorData’s powerful site selection process, click here to schedule a complimentary consultation.