Find the Ideal Location for Your Retail Business
There’s an old saying about running a retail business: Location is everything. While location is undoubtedly among the most important aspects of choosing retail space, it’s far from the only thing to take into consideration. The right retail space can bolster your marketing efforts in a big way by naturally attracting business from vehicle and pedestrian traffic. By understanding a few additional considerations to make, you’ll have a much easier time identifying the perfect retail space for your business. A few tips to keep in mind while scouting out retail locations include:
Put Yourself in Your Customers’ Shoes – As a business owner, you should know your customers, including their general demographics, quite well. Where do they typically live, play and work? Are they savvy enough to find a business in an out-of-the-way place? Would they expect to find your business along a major commercial corridor?
Consider the Competition – Look for successful competitors in the area. Where are their storefronts located? Likewise, look for competitors that seem to be struggling. Could their location be to blame? Depending on the nature of your business, some companies might sell products and services that complement yours. If possible, seek out retail space that’s close to such businesses, as the customers that they attract are quite likely to be drawn to your offerings too.
Investigate Local Laws and Ordinances – One thing that business owners often overlook is whether local zoning ordinances, laws and regulations will support their business. For example, what kind of signage is permitted? Are there certain times of day or night during which you must keep noise down? Could it affect your business?
Research Local Statistical Trends – Just because an area’s current population aligns with your ideal demographics doesn’t mean that it will always be the case. Is the population’s median age holding steady, or is it becoming older or younger? Is the median income staying put, or is it rising or falling? Is the area gaining or losing population, or is the population holding steady?
Don’t Rush – As eager as you likely are to find a new retail space for your business, don’t rush the process of looking for it. Take your time, check out plenty of options–even if they might not seem like a fit “on paper”–and weigh the pros and cons of the various places that you consider.
Most importantly of all, work with a property management and development firm that knows the local area well. Their insights and assistance will make a world of difference. If you’re in New York State or Western Pennsylvania, Ellicott Development can help. Contact us today to learn more.
