10 Questions to ask yourself when choosing a successful retail location….

During the many years that I have developed and guided retail companies, one of the perennial questions that came up was always “why do we choose this retail location?”’ Let me assure you that the answer is never conclusive or as clear as one would like it to be! Location choices, wherever in the world, are always a mix of facts and feelings and rely heavily on often subjective observations. There are however a number of questions that, in my experience, have been helpful to minimize the risk of failure.

The 10 Successful Retail Store Location questions are:

1. Are the size and the price as close as it can be to my ideal mix? And will it sustain a viable retail store model? Here one should be as objective as one can be and not smart to "smuggle" too much to make the foot fit the shoe!
   
2. Can I negotiate the right rental agreement that also would provide for early opt outs? Important to remember, hence a long term commitment might become a noose to hang you!
   
3. Is the state of the retail location/store not too onerous as far as my build out costs are concerned? Is linked to question 1 but is also vital as far as viability is concerned.
   
4. Is the street/mall frequented by my retail customer profile? Obvious question it seems but very often overlooked. Who is our customer and are there enough frequenting the location/area should be independently established ….looking and observing might be helpful but is not conclusive enough!
   
5. Is the location visible and in the right part of the street/mall? “’Only”50 meters out of the normal run could kill the store!
    
6. Does the surrounding area reflect the store profiles that support my concept? Does the competition or the neighbors attract my customer too?
   
7. Have I done/arranged a thorough, independent, location analysis? Don’t save here…realtors are not the independent you need neither are you independent enough!
   
8. Have I checked that there are no future developments that can negatively influence our forecasts? Simple to do but vital to your survival .Planning and building plans are public and easy to check.
   
9. Are the technical issues (inclusive of permit regulations) that might be relevant for a smooth build out clear and affordable to arrange or control? See 8
   
10. Am I not too in love with the opportunity/location to be clearheaded and pragmatic enough to choose wisely? Am I also able to say NO? Being too much in love with someone or even with an opportunity is a non-rational state and can lead to irrational choices that in the long run become very costly!
    
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