The STAIRWAY TO Retail Location SUCCESS!!!

The information contained in the blog is accredited to research done by George Cosmin Tanase, an economics major and blog writer from Bucharest, Romania.  The article is titled, Trading Area Analysis and the Importance of Location to Retail Companies.  

There is a lot of information contained within this article so I chose to use tables in hopes of keeping things simple and (hopefully) understandable.  I title my synopsis of his article;

The Stairway to Retail Location Success

Step #1:  COSTOMERS:

Population Size Age Demographic Household Size Income Level Spending Patterns Shopping Patterns Cultural/ethnic Grouping

Step #2:  ACCESSIBILITY 

Site Visibility Pedestrian Flow Pedestrian Entry Routes Parking Public Transportation Access for Transport/Deliv.

Step #3:  COMPETITION 

Existing Retail Activity *Existing Retail Specification Saturation Index **Competitive Potential Proximity of Key Competitors

*

Selling Area Turnover Estimates Trade Areas Age of Outlets

**

Outlet Expansion Refurbishment Vacant Sites Re-positioning

 

Step #4:  COSTS

Purchase Price Building Costs Rent Costs Leasing Terms
Site Preparation Building Restrictions Develop. Concessions Rates Payable
Refurbishment Needs Maintenance Costs Security Needs Labor Rates
Staff Availability Delivery Costs Insurance Costs Promo/Media Costs

 

So in conclusion, “The STAIRWAY TO Retail Location SUCCESS” starts with:

Step 1:

Knowing your Customers’ Wants and Needs 

Step 2:

Making it Easy for them to Get To and Stay With You

Step 3:

In depth Analysis of Competitors

and probably the Most Important;

Step 4:

Careful Consideration of ALL COSTS involved in The Process!!!

Following these steps with in-depth Research & Analysis will lead you in the decision process of selecting the ideal location to guarantee Retail Location Success.

Updated: February 5, 2018 — 4:49 pm

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