Your business is your baby. You’ve done the research and are committed to helping your baby grow into a successful and sustainable business. You wouldn’t buy a crumbling house for your family and that same amount of careful consideration needs to be used when delving into retail site selection.
Just like with finding a home, purchasing or leasing a storefront is a major undertaking. Here are 4 ways to jumpstart your retail site selection.
Opening an avocado toast cafe in the middle of rural Nebraska sounds like a recipe for bankruptcy. Honing in on your target customer is vital to choosing a location. You need to be where your customer is.
Talk to your potential neighbors. How long have they been in business at that location? Does your product add to the value of theirs and vice versa?
If you’re a clothing retailer, being next door to a hardware store might not be ideal. But a fabric store neighbor could increase revenue for you both.
Whether you decide to rent or own your new location, you need to consider the possibility for expansion. Are there other units you could potentially take over? What appliances come with the space and what will you need to purchase?
Hysteria over the “death of retail” has been quieting over the past few years as business owners have learned to adapt. The closures that we saw when e-commerce first boomed were from businesses that refused to change with the times.
Nowadays, consumers are spending more money on experiences rather than things.
Think about the Apple store. No cashiers. No lines. Just a few people standing around, hoping to engage in conversation with you about their products. This is just one example of putting experience over selling. Connecting on a human level makes a person much more likely to open their wallet.
Make sure your new retail space will help you develop the sort of atmosphere that will keep people coming back.
You may have heard of Zillow and how it’s completely disrupted the real estate game. People can search their area for homes without having to deal with a real estate agent. Information about the school district, crime levels, and even pictures from inside the house are available with just a few touches on a phone.
You can do the same for finding the perfect site for your retail business.
Apps like Spotlight and Scout can help you determine the best location by providing details on demographics and potential competitors. There’s even scenario scoring where you can compare different locations and see how they might rank against one another in the future.
No matter what your goals for your business, finding the right location is one of the most important decisions you’ll make. Make sure you take the time to fully research each spot and nurture your baby so it can grow to its fullest potential.
Looking for a storefront in Currituck? Check out our available commercial properties and land here.
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