It takes almost as much work scoping out the best location for a retail store, as it does to source out suppliers, and design and build an effective selling environment. Many experts recommend that efforts focused on finding the best retail location will provide the highest financial returns.
Once entrepreneurs realize that location is the single most important aspect of a storefront, the next step is finding that proper location. Each potential site must be carefully determined for not only foot traffic, but demographics of the clientele too. This careful determination of the new location is critical for any consumer-orientated business.
Certain questions must be asked, such as foot traffic patterns, time of day considerations for said foot traffic, demographics, and lifestyle data. There may need to be some competitive analyses done of other similar businesses in the region, and what type of data analytics they have used to open their own businesses.
New business owners can hire a business that specializes in the collection of such data. Questions asked may include what optimum level of traffic can be expected for a specific location? What will be the demographics of the foot traffic? When are the best times of the week to be open? Can there be specific traffic patterns inside the actual store? What types of households, age, and income are to be expected?
One type of tool that can aid in finding the best retail location is the Geometrx Mapping Success. They have a unique way of providing data for any potential site. They utilize a variety of data within a unique software service. This data is actually geographically-based. It maps territories through specific locational queries, as well as providing the best locations for specific types of businesses.
There are many features to Geometrx Mapping, make it a one-stop tool for determining the success of any particular location. The entrepreneur can create maps that utilize Excel data. The software will transform the data into informative and easy-to-understand graphics. The software plots its data from any location that is found in Google Maps.
GeoMetrx can also help to identify new sales opportunities for franchises. It’s a tool that can be utilized throughout the growth of the business. It’s suitable for all potential and new enterprises, and can provide a variety of data, graphics, and information to help aid the success of any type of new retail business. Please request a demo today to get started.
For more information on finding the best retail location contact Geometrx at 888-848-4436.