CHAPTER 5 : RETAIL LOCATION

Hi,

This posting I will explain about retail location. How would you choose a strategic location to maximize your customer and niche market? It will answer below so continue reading people!

Where you choose to locate your retail business will have a major impact on everything your shop does. The difference between selecting the wrong location and the right site could be the difference between business failure and success.

A retail location is shopping centers such as strips shopping centers and shopping malls. Next are city or town locations such as inner city and Main Street. Retail locations also are at free standing sites and other location opportunities.

There are 7 types of shopping malls which is regional centers, superregional centers, lifestyle centers, fashion or specialty centers, outlet centers, theme or festival centers and merchandise kiosks. The problems facing regional malls are competition from alternative, more convenient locations, focus on Apparel such as weak apparel sales, aging and demographic shifts.

Pavillion Kuala Lumpur was located at tourist area in the central of the city

Examine what kind of products you sell, as some goods will require certain types of locations. Would your store be considered a convenience store, a specialty shop or a shopping store? Convenience goods require easy access, allowing the customer to quickly make a purchase. A mall would not be a good location for convenience goods. This product type is lower priced and purchased by a wide range of customers.

If you are choosing a city or state to locate your retail store, research the area thoroughly before making a final decision. Read local papers and speak to other small businesses in the area. Obtain location demographics from the local library, chamber of commerce or the Census Bureau. Any of these sources should have information on the area's population, income and age.

Other area businesses in your prospective location can actually help or hurt your retail shop. Determine if the types of businesses nearby are compatible you're your store. For example, a high-end fashion boutique may not be successful next door to a discount variety store. Place it next to a nail or hair salon and it may do much more business.

Besides the base rent, consider all costs involved when choosing a retail store location. The location you can afford now and what you can afford in the future should vary. It is difficult to create sales projects on a new business, but one way to get help in determining how much rent you can pay is to find out what sales similar retail businesses are making and how much rent they're paying.

As the conclusion, all of you might have an idea of strategic location for your business soon. It will help you to make a wise decision so that you will not having a lot of trouble upon facing loses.

Finish of chapter 5, I will meet you guys on next chapter!!!