When it comes to retail site selection, comprehensive research will yield better results than guessing. In this competitive market, making a name for your business and attracting new customers is exceptionally challenging. No matter what products you offer or the quality, some decisions can affect your business within days. To attract new customers, brands may use juicy promotions, come up with trendy items, or create a chain of outlets. Some dealers market their products heavily online and offline. Apart from all that, an essential element is missing – retail site selection that has to be smart. Why?
Have you noticed the grocery store on Main Street gets more customers than another grocer on a smaller street? Where a store is located is vital to the amount of traffic into the store. A business needs the customers that are specifically looking for that store, and also the customers that are reminded of a need when passing by.
Research reveals that the life of almost 53% of retail shops is no longer than four years. And a gloomy fact is that about 20% fail after a few years. The top reason for their failure may be sub-optimal locations. These have a low potential for customers because they are not located in a place which is ideal. In this situation, retail site selection is an important decision.
Experts believe that choosing the right site for any retail is a complicated matter. Many factors are involved in the performance of any retail store.
A vibrantly colored sign and exterior will readily grab the attention of potential buyers. Getting a customer’s attention is the first step of getting them in the door. Once inside the interior has to be visually stimulating and inviting to keep the customer interested and looking around.
Some brands are more famous than others. So, they have a comparatively high number of customers whether it’s a big sale or an average day. People often rush to the stores which are deemed popular and avoid those which are less known to them.
Nobody has time to travel 20 miles to buy a kitchen towel. Of course, you have to make a wise decision for retail site selection. Customers should be able to access it quickly. Ideally, it should be located in a place with other commercial similar businesses nearby – customers like one-stop shopping centers. Mapping data can help you determine the viability of a location’s accessibility to the best target audience in a visual way.
Number of Target Customers
When selecting an area with a small number of potential customers, it can undoubtedly put your brand at risk of failure. Those businesses who target a significant group of people to advertise their offers have the edge over others less known names.
Retail site selection is an important and complicated decision to make. It is based on many facts, figures, and factors. GeoMetrx’s mapping solution can provide insight and clarity into your decision-making process.