Location,
LOCATION
THERE ARE MANY FACTORS THAT DETERMINE THE LOCATION FOR A RETAIL STORE
All retailers are different shapes and sizes and need to be suited to their location to gain the best profit.
Retailers need to think about their target audience and their average income when choosing a location, after all they are the ones actually buying the products. Retailers need to research on the population of the area and how built up it is to see if their store is suitable, thinking about the type of customer they are marketing to and the distance they have to travel to your store is vital as well as how easy it is to travel. Do your customers have to have a car to drive to your store? Is there a near by train station to your store?
Size is one of the main issues a retailer must consider, is there enough space and accessibility for your store?
If the store has a lot of stock then a larger area is needed, however if you stock is small, a smaller area is more suitable. Having the size that is best for your store is important, nothing is worse than having a messy, overcrowded small store with a lot of stock or a large store with an empty atmosphere.
Retailers main goal is for customers to buy from their stores, recommend to friends and to come back again. Having similar stores around you creates competition for your store. This come with pros and cons, the pros of competition are customers are more likely to come into your store if you have the same merchandise they were looking for somewhere else. However, you can lose profit, if customers prefer other stores.