Choosing a Retail Store Location - Part3

retail

 


 

In the second part of this article, we discussed the role of visibility, accessibility and the impact of local government decisions and local neibour businesses on the success or failure of a retail store.

  

are going to go on with these factors: 

Location Costs 

Besides the base rent, consider all costs involved when choosing a retail store location. 

  • Who pays for lawn care, building maintenance, utilities and security?
  • Who pays for the upkeep and repair of the heating/air units?
  • If the location is remote, how much additional marketing will it take for customers to find you?
  • How much is the average utility bill?
  • Will you need to make any repairs, do any painting or remodeling to have the location fit your needs? 
  • Will the retailer be responsible for property taxes? 

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.

Personal Factors 

If you plan to work in your store, think about your personality, the distance from the shop to home and other personal considerations. If you spend much of yourtime traveling to and from work, the commute may overshadow the exhilaration of being your own boss. Also, many restrictions placed on a tenant by a landlord,management company or community can hamper a retailer's independence. 

Special Considerations 

Your retail shop may require special considerations. Make a list of any unique characteristic of your business that may need to be addressed.

  • Will the store require special lighting, fixtures or other hardware installed?
  • Are restrooms for staff and customers available?
  • Is there adequate fire and police protection for the area?
  • Is there sanitation service available?
  • Does the parking lot and building exterior have adequate lighting?
  • Does the building have a canopy that provides shelter if raining?
  • What is the crime rate in the area?
  • Are there (blue laws) restrictions on Sunday sales? 

Don't feel rushed into making a decision on where to put your retail store. Take your time, research the area and have patience. If you have to change your schedule and push back the date of the store's opening, than do so. Waiting to find the perfect store location is better than just settling for the first place that comes along. The wrong location choice could be devastating to your retail business.

 

Compiled in Editorial Board of Retailiran

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