Where are Your Customers?

Where are Your Customers?

Finding the right site for your new store can be key to the success of your business. I have been on hundreds of site visits with business owners and am often surprised that they don’t know what to look for or ask at this stage. There are a few aspects that you have to keep in mind when finding your winning location.

Research

Before you fall in love with a site do your research and make sure you are familiar with your numbers and the outcomes you are looking to achieve.  In retail leasing you should research your industry, your business and the shopping centre you are looking to go into. If you are not comfortable with understanding your key numbers and how your business costs relate to the rent your new business can afford to pay, it is always best to speak with an expert.

Location

Who are your target customers? Knowing simple information about your customers such as their average age, how far they live or work from your store and their hobbies or interest will help you to locate your new store in an area with good mix of customers who are right for your business. Surrounding business can be an important factor to consider when locating your new store. Competing business in close proximity can negatively affect your sales while complimentary business can actually increase business by sending customers your way. It can be helpful to jot down a list of what your existing sites have in common. Sometimes the things that make a site work can be surprising.

Accessibility

Having an understanding of your customer and complimentary business helps locate the area in which to place your stores. The next thing to consider is how accessible your store needs to be to your customers. How far are customers willing to travel to get to your store? Making your store as accessible as possible to your customers can have a big impact on sales.

I go into more detail in my upcoming book on what to look for in a site inspection and how to secure a winning location, along with the necessary people that you should be in contact with through this process. Click here to receive exclusive access to the first two chapters for free.