If you’re preparing to open a new retail location, extending the reach of your existing estate, or looking for your new business store, you will need to undergo a Retail Location Planning Project . Identifying the right location that matches your target audience might be the single most important thing you do. The cost of opening a new outlet is wasted money if there is insufficient footfall that matches the consumer profile of your target audience. Ensure you read our tips on successful Retail Location Planning.
Build a detailed understanding of your customer characteristics and apply the resulting demographic segments or models to the population to create visual heat maps that illustrate where the highest density of matching population are. Characteristics can be as simple as understanding affluence levels across geographic areas or more complex by modelling demographic and life style attributes, looking at the proximity of footfall drivers, the retail environment and potential competitive pressure.
Additional considerations that can drive footfall are; other retailers that draw people to the area, industrial or office parks, travel hubs, leisure and entertainment venues, schools, colleges and hospitals.
Sometimes the best place to be is as close to your biggest competitor as you can be, foot traffic is obviously important, but landing the ‘perfect’ customer is far more crucial. By being in close proximity to your competitors, you can benefit from their marketing efforts. Your competitors chose their locations based on the ideal demographics of a particular area, they’ve also devoted large portions of their advertising budget toward driving traffic to their locations.
Answering these questions for each of the sites you’re considering can help you decide on the best retail location for your business:
A location analysis or a retail site selection study evaluates the potential opportunity for a specific site.
This is applicable for retail stores investigating new locations, or shopping centre developers interested in understanding the market opportunity a proposed site might offer. Tailored to client needs, a location analysis would involve some of the following elements:
If you are looking for help understanding the best locations for your new store location then please contact us at [email protected] or call one of our team on 01926 87555