Location can influence many aspects of your business, from the number of people that walk past your store to considerations around insurance for your retail shop. And with so many options – from high streets and shopping centres to out-of-town locations – finding the perfect fit can feel overwhelming.
So, how can you maximise your chances of finding the perfect fit for your business?
In this article, we’ll explain how to pick the best location for your retail store.
Know your target customer
As with most business decisions, understanding your ideal customer is the cornerstone of choosing the right location. Delve into fine details like age, income level and lifestyle, then use them to build a picture of your target customers. Are they convenience shoppers looking to grab essentials quickly or destination shoppers seeking a more holistic retail experience? This knowledge needs to inform every aspect of your store location, from the size and layout to the surrounding neighbourhood and amenities.
Search by demographic
After defining your ideal customer, you can delve into the typical demographics of the potential locations for your store. Search for areas with a high concentration of people who match your ideal customer demographic. Estate agents should be able to give you some insight into this but you can also get on the ground or communicate with complementary businesses to get a feel for the local customer base.
Aim for visibility
The volume of foot traffic in a location is important but it’s not the whole story. Britain’s leading retailers make their fortunes by selecting highly visible locations for their stores, so you need to pick a location that’s easy for potential customers to spot and access. But don’t worry if, for any reason, you can’t get the most visible location. You can always deploy signs; window displays and outdoor seating to attract as much attention as possible later down the line.
Consider unique needs
Before coming to a final decision, ensure you delve into the specifics of the premises. It’s essential to evaluate the size, layout and features of the space to ensure it fits the bill. Consider any special requirements your store will need. For example, you might require dedicated areas for product displays, changing rooms or even seating areas for customers to try out products. Don’t forget about staff areas, storage and back-of-house operations, either.
Choosing the right location is a strategic decision that lays the foundation for your retail store’s success. By considering factors like your target customer, visibility and your store’s unique needs, you’ll be well on your way to finding the perfect fit.
