Choosing the right retail location could be the difference between business success and failure therefore it is important to take your time when making your decision.
There are many factors to consider when choosing a retail location and by asking the following questions and ddoing a little research will pay pave the way for a successful business in years to come.
Demographics
- What is the areas population, income & age?
- What are the income levels of the people living and working in the area?
- Is the population density sufficient to meet your sales needs?
Competition & Neighbours
- What is the number, size, and quality of competition?
- What are the neighboring shops? Do they compliment the retail space?
Retail Space
- Is the space large enough for your business? Does it offer room for all the retail, office, storage or workroom space you need?
- Does the space meet your layout requirements?
- Will the retail space require special lighting, fittings & fixtures?
- Is there parking? Is it adequate?
- Can suppliers make deliveries conveniently?
- Are there additional s fees? Such as utilities, rates, security, maintenance?
- Does the building need any repairs?
Area
- Is there adequate or future potential traffic passing the door? How many people walk or drive past the location?
- Is the retail space visible to the main traffic flow - foot & traffic?
- Is there public transportation near by?
- Are there restrictions on trading hours?
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Other Considerations
- Cost of the site?
- What are the lease terms & conditions?
