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Selecting A Store Location

 

Selecting a location for your retail store is one of the most important decisions that you will make before opening the business. Retailers can do with assessments by taking into mind a range of aspects before choosing a location.

 

First of all, the location is basically the prime factor to which your customer will look into before heading out to shop. Customers are happier to save time in travelling and thus, a retail store that's close to them is where they will likely go to. Second, it is a long term investment and decision. The retailers have to live with it for long period of time. And last but not the least, the retailers ought to check on the availability of the market to where they plan to open their store.

 

Trade areas could be determined by techniques in customer spotting. Analysts have to bear in mind the various elements similar to checking customer demographics, consumer market, age distribution, environment, safety, annual household income category as well as psychographics. These could be attained by carrying out market research. Also see the store for food open now.

 

Number 1. Check for the customer demographics. This is actually a statistic report on the number of customers in the area, rate of unemployment, recent migrants and their nature of work.

 

Number 2. Age distribution is about the details of consumer's gender and age.

 

Number 3. With regards to consumer market, this is showing various types of information similar to the percentage of household with 2 wheelers, percentage of households with 4 wheelers, annual household saving and annual household income.

 

Number 4. Psychographic focuses on the customer's experimentation, cosmopolitans, metropolitans, westernized, middle age or youths.

 

Number 5. The annual household income category has the details of the customer's income.

 

Number 6. Environment is what the retailers have to look at that will generate foot traffic to their store with good pizza playa del rey from number of tourist places to be visited, movie halls, adequacy of parks hospital complexes, colleges, schools, restaurants and the likes.

 

Number 7. Safety is checking the rate of crime to the vicinity similar to the number of crime against women, robbery, theft and murders. This will help out retailers in ensuring that theirs and customer's protection is not compromised.

 

Retail analysts have to determine the probability that a client will shop at their store irrespective of other competitor's presence. Analysts need to not just have a good understanding of the customer's social culture, lifestyle and time distance but also, they should know as well whether the business climate will be favourable to retailers.

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