Marketing theory is based on five pillars known as the five P’s of Marketing. One of the pillars is Place. Place means the area of availability of your products and services. The location site of your retail outlet is a critical factor. The location of your retail store represents a lot of things including your target market, your brand image, and product quality. All of these factors are linked to your retail location. Before selecting a retail site location consider these:
First, you need to define is your target market. If you’re planning to target people from the elite class, you can’t expect your store to be successful in just any area of a city. Obviously, you would want to open it in an affluent area where people with large amounts of expendable cash live. Clearly identifying your target market is necessary and one tool that can help is GeoMetrx’s databases. You can plugin any combination of demographics and visualize through advanced mapping software, where the greatest congregation of your target market is located.
Second and most important point is to open your retail store where it is accessible and visible. GeoMetrx can provide the data that shows how many people cross in front of your desired location. Is the location easily accessible to your target market?
Third, consider the community surrounding the proposed store location. How diverse is your target market? If you are willing to target multiple segments, then you will need a diversified product portfolio. Mapping multiple data points into one map can assist in business decision-making.
Fourth, how do your customers travel to your store? Do they come by walking, riding public transportation or driving their cars? If the answer is cars, you need to provide a parking lot.
A parking area requires more land and work to construct it.
GeoMetrx can also assist with mobile location technology that monitors consumer spending in the desired retail location. Big data can help you understand where a consumer travels and visualize on a map for a greater location result.
The biggest factor you need to consider is your competitor. Selection of your location must be made carefully with your competition in mind. If your competitor is working in the same area, it will be harder to lure customers into your store without a strategic plan and a well-thought out location.
These are few factors which are needed to be considered when searching for a location to open a retail outlet. Some factors can vary from demographic to demographic and area to area, but careful consideration is required during the site search.
To learn more about how GeoMetrx can assist in finding the best retail site location, contact us today.