Login | Join Network
Lost Password

A password will be emailed to you.

Importance of Retail Location

When you are just starting your business you cut costs in every possible avenue. So having a store at a swanky shopping center is furthest from your mind. Location is one of the most important factors for retail; hence proper research has to be done in advance.

Location of the store depends on the kind of people for whom your store caters to. Once this is set you can start scouting for locations that are popular with such kind of people. The target audience must be clear and in detail with respect to all demographics.

Once the area is decided start observing other retail stores and look for any competitors. If there is competition you need to find an exclusive marketing strategy to woo people into your store. A lot of factors will depend on this part of your research.

"Quite simply, the best place to be is as close to your biggest competitor as you can be," says Greg Kahn, founder and CEO of Kahn Research Group in Huntersville, North Carolina, and a behavioral research. He says, "Foot traffic is obviously important, but landing the 'perfect' customer is far more crucial. By being in close proximity to your competitors, you can benefit from their marketing efforts."

Most of the research can be done by you with the help of articles and expert books. Still if you feel that your type of product will need in depth research for store location you can hire professional help. This will give you a detailed customer, competitor and foot/highway analysis.

  • Print
  • Digg
  • StumbleUpon
  • del.icio.us
  • Facebook
  • Yahoo! Buzz
  • Twitter
  • Google Bookmarks
  • LinkedIn
  • PDF
  • RSS
  • email

More on Entrepreneur21.net:

Fundamentals of Marketing Basics
Key marketing terms and concepts
Women Entrepreneur Network – Get Connected
Human networking is the most important activity th...
Tips on How to Write a Business Plan
Business plan is detailed information of what your...
Cindy Rakowitz, Blackman Rakowitz Public Relations
Cindy Rakowitz gave up her job doing public relat...
Marty Metro, CEO of Used Boxes
A great idea Beginning with the modest goal...
Kevin Gilger – Actor
You may not think of an Actor as a typical entre...

Leave a comment

Disclaimer: All pages within GenMembers network are expressions of the opinions of the site operator only, and no representation of factual accuracy is being made. The content is intended to create interest in various topics for our readers, who are in turn encouraged to conduct their own independent research. This site is not related to: Entrepreneur Media, Entrepreneur Magazine, Entrepreneur of the Year, Entrepreneur's Partner, Hispanic Entrepreneur, Entrepreneur.com, Entrepreneurs.com Entrepreneur's Only, The Entrepreneur's Source, Entrepreneur's Notebook or any of the many companies that use the word entrepreneur in there trade name. Please see our website Terms of Use for further information concerning your use of the site.