Finding the right retail store for your company can have a dramatic impact on the success of your business, from footfall to brand visibility.
That is why it is a good idea to consider a few important factors when looking for a new location for your retail business. In particular, it is important to think about where your business is now and where you expect it to be over the next five years.
There are a few basic considerations to get you started before securing a location for your business. Ask yourself who are your core customers and demographics, what are you selling and what do you want to be known for, and how much space do you need now and moving forward. With the answers to these questions in mind, you can start your search for the right retail store for your business.
Population density & demographics
When looking for the right location for a retail store, it is important to consider the population density and other aspects of the area. If the location has a high population density, there is a good chance that your business will see a good number of walk-in customers. Another area to look at is demographics or the type of people that live in the area. Does your service cater to a specific demographic? If so, it is important to find out if they live or travel to your location. By choosing a location that is in a certain demographic to your customers, this can allow for a greater flow of customers, and also a better chance for some focused customer retention with your regular visitors!
Considering your staff
With a retail store comes staff, therefore ensuring you have a healthy amount of potential candidates in the location you are considering to run the store, is essential. There are a few good metrics that you can use to establish whether or not an area can provide staff for you. Are there nearby amenities, such as restaurants, cafes or shops? If the location has good transport links or is nestled in the heart of a bustling neighbourhood, there is a good chance you will be able to find lots of potential staff members. Good transport links are essential because staff need to get to your place of business. So make sure your ideal location incorporates these elements so that you can ensure staff uptake.
The importance of footfall for your business
Footfall refers to the amount of traffic your store will receive from people visiting in-store. There are lots of ways to assess traffic patterns in specific areas, such as using location analysis tools. These help you track the footfall of neighbouring stores so that you can see how viable the location is for your retail store. Footfall is important because it increases your brand recognition, drives sales and brings people to your retail store. To maximise footfall in your retail store, remember to sign up for any local listing services that are known in the area. Having a good footfall for your business is great in helping to boost sales and make more connections with your regular customers, as well as helping your brand awareness increase, so choosing a location for your retail store that has a good footfall is essential.
Accessibility & visibility of your retail store
Even if your retail store has a good amount of traffic, it doesn’t necessarily equate to more sales. That is why it is so important to factor demographics into your ideal retail location. Without the right traffic, you won’t make as many sales as hoped. In some cases, such as with corner shops and smaller stores, you can benefit from the traffic generated by larger stores to drive traffic and sales. However, this is not a solution for all types of retail stores. So consider the following when looking for the right retail store for your business- How many people are walking or driving past the location, is the area well-connected with public transport links, and are there good parking options earby for customers and couriers? By asking yourself questions like these, they can help to ensure that your chosen location is both visible and accessible to any type of customer.
Another major consideration for your ideal location is the visibility and appearance of the storefront. Try to think about what your ideal customer will see when passing your retail store. Is there good signage? Are you promoting special offers using gift shop window displays ideas? Try to consider how your retail store will be presented, because that is usually the first thing your customers see. Try to find a location that offers all of these factors when looking for the ideal location for your retail space.