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The Importance of Location

The Importance of Location. “Location, location, location!”. Types of Retail Locations. Shopping Center Business Districts Free Standing. Shopping Centers--Planned. Shopping Centers. Group of retail stores and service businesses Built, owned, and managed by one person or business

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The Importance of Location

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  1. The Importance of Location “Location, location, location!”

  2. Types of Retail Locations • Shopping Center • Business Districts • Free Standing

  3. Shopping Centers--Planned

  4. Shopping Centers • Group of retail stores and service businesses • Built, owned, and managed by one person or business • Space rented to businesses • Strip malls • Malls

  5. Strip Malls • Located in neighborhoods • No competition within strip malls • One-stop errand shopping • Features a parking lot in front • Not an enclosed shopping area • Stores connected by walkways or sidewalks • Rental rates are usually less expensive than malls.

  6. Malls • Usually enclosed shopping area • Competition within mall • Wide variety of stores, merchandise and quality within mall • One-stop shopping • Customer parking near building (parking garages?) • Climate controlled (no rain/snow within)

  7. Business Districts--Unplanned

  8. Business District • Exterior shopping area developed without planning • Traffic of customers might vary • Downtown offices • Parking • Mass transit

  9. Free Standing Location • Lower rent • More parking • Better visibility • No direct competition • Convenience • Fewer restrictions on signs, hours, or merchandise • Ability to expand

  10. How to choose your Site • Trade Area • Traffic • Ease of access • Parking • Visibility • Acceptance • Competition Miller

  11. Trade Area • Geographic area from which business draws most of its customers. The following are used to identify/understand trade areas: • Type of store • Merchandise/services offered • Amount of competition in the area

  12. Traffic • Number of people who pass a location during a given time. • Via car or foot • Actual potential customers gives realistic count

  13. Ease of Access • Ability of customers to get in and out of business site easily.

  14. Parking • If I can’t park close, I’m not shopping! • Quality of parking lots (potholes?) • Good flow of traffic within lot • Lighting • Spaces well marked and roomy (no door dings, please!)

  15. Visibility • Easily seen by customers • Can’t see store? I’ll go somewhere else! • Can’t see entrance? I’ll go somewhere else!

  16. Acceptance • Will the community accept you? • Desirable to the community? • Availability of workers?

  17. Competition • What are the other guys doing? • Competition is GOOD! Customers like to compare quality/value • Too far from competition? Not worth the drive!

  18. Jimmy Johns http://www.jimmyjohns.com/franchise/realEstate.aspx

  19. Review 1. Why is choosing the right location for your store important? Answer 1. 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.

  20. Group Activity

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