It’s no secret that your retail business location can make or break its success, but how do you go about finding the best possible location to set up shop? It’s worth taking the extra time to perform your due diligence before locking yourself into a lease. Here are five great tips to help you in your search and start your business off on the right foot.
Analyze your demographics. A successful marketing strategy involves knowing your target demographic. Key factors to consider are:
- Income Level
The resulting demographic profile can be used in a variety of ways, including direct marketing and advertising, but can also be used effectively in choosing your retail business location. Before settling on an area, study these factors carefully; the less work and money you need to spend on drawing customers to your location, the better. Position yourself in an area where you’re surrounded by your target market and they will be sure to find you.
Cozy up to the competition. Consider setting up shop in close proximity to your biggest competitors. While this may seem counterintuitive, it has been proven to be a successful marketing tool. The genius lies in your ability to take advantage of the advertising and marketing dollars spent by them, in an effort to draw customers to the general area. Once they’ve arrived, you can reap the benefits of overflow traffic, or those looking for alternative options.
Consider your commute. Determine how far you are willing to travel to and from work each day, and search for a location within that area. It may be worth the difference between the perfect location and a good location to have a reasonable commute time.
Size matters. Know how much space you need and don’t deviate. Signing a lease on a space that is too large is a waste of money, and one that is too small will leave you frustrated and make your space cramped and hard to navigate. Consider additional factors such as window or sidewalk space if they may be beneficial to you.
Make it easy. Customers will be reluctant to return if your business is hard to reach. Take in to account all different types of traffic including those on foot, taking transit, or driving and ensure there is adequate means of access including ample and affordable parking in a well lit area.
Your choice of retail business location is vital to its success. A well thought out business plan requires adequate knowledge of your customer base, and how to get them to visit your store. Once they’ve arrived, your choice of space will help determine whether the customers’ needs are met, and if they will return in the future. The retail world is a competitive one, and taking the time to find a location that fits all your criteria, even if it means waiting, will increase your odds of succeeding exponentially.
The team at Douglas Commercial knows the Annapolis and Anne Arundel County real estate market. Want to discuss what area would be right for your retail business? Give us call at (301) 655-8253.[Image credit]