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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.

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