Locations of retailers:
OXFORD STREET VS NEW
BOND STREET:
Target customer: Oxford Street and New Bond Street both target the working class group of people as well as tourists. Despite this similarity, they attract different budgets of people. New Bond street usually attract more of a higher class group of people than Oxford Street which have a range of stores, for example Primark as well as Zara.
Travel: Travel is a very important factor to think about and how easy and accessible it is to get to the store. Both Oxford Street and New Bond Street are very near tube stations as well as being very hard to get to by car.
Competition: Competition is a huge thing to think about when locating a store. Having a store in the middle of London is great for location however also has many competitors such as Westfield.
THE IMPORTANCE:
Where you choose to locate your retail business will have a major impact on everything your shop does. The difference between selecting the wrong location and the right site could be the difference between business failure and success.
Before choosing a retail store location, it is vital to define how you see your business, both now and in the future.
There are many questions that are needed to be answered before deciding where to put a retail store. These questions would include:
-Is it easily accesible?
- Are restrooms for staff and customers available?
-Is there adequate fire and police protection for the area?
etc...