Tips for Starting a Successful Business

3 Retail Location Factors To Consider Besides Good Visibility

6 July 2020 by Brianna Cole

When choosing a location for their retail store, most business owners look primarily for a highly visible location. Certainly, visibility is one of the key factors in a good spot. But it's not the only one that should determine your decision. Here are a few of the other key things that may not be as noticeable but which can make a big difference in success.

1. Transportation

How will customers get to your store? Accessibility of transportation determines how most of your customers will get to the business, but it requires looking beyond your front doors. Good visibility can't make up for difficulties in accessing your space in the first place.  

What forms of transportation does your pool of customers usually use? Is it public, such as the subway or downtown bus lines? Then you'll need to assess the transit lines, stops, and hubs in the area. Do people walk? Then they need easy and safe pedestrian access within the neighborhood. Do they tend to drive everywhere? Parking, then, must be clear, plentiful, and safe. 

2. Footfall

Analyze other stores and businesses in your area to see how their foot traffic is. You can often find analysis tools online or through your real estate agent to help understand customer traffic patterns in nearby locations, at certain times of the day, and on days of the week. 

Consider foot traffic in both competing retail businesses as well as other types of business that can add to your own sales — such as restaurants, theaters, tourist shops, or coffee shops. 

3. Non-Customer Access

Customers, of course, aren't the only ones who need to come and go from your store. Vendors and employees are also regular users and need to be accommodated. Does the area have a sufficient pool of individuals who will be likely to want to work at your store? If they will come from other areas, is there sufficient parking for employees and transportation hubs for commuters? 

What about vendors and suppliers? If you need to get regularly get large shipments from loaded trucks, for instance, how will they access the area? How safe is the location from a crime perspective? Are your goods safe as they come and go? Can equipment physically fit into the structures? Difficulties getting inventory, repairs, new equipment, or personnel can weigh down your success. 

When you look beyond the obvious factors to assess a potential retail site, you help ensure long-lasting stability and profits. Learn more by consulting with a commercial real estate agent in your area today. 

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