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SITE SELECTION IS THE KEY TO REACHING PEAK PERFORMANCE

Finding the right location for your business is paramount. Many retailers must put a tremendous amount of effort into locating the right piece of real estate for their business.

Location plays a vital role in the success of the business and can be the reason people choose your store over your competitor’s store. Traffic volume, visibility and accessibility should be top of mind when selecting a new site for your business. Visibility is your chance to advertise your company and selecting sites in high traffic locations gets eyes on your building and your brand, creating awareness from those passing by. Ease of access is important for providing convenience to customers and understanding the traffic patterns of your target audience can help pinpoint where you should be looking for new store locations. For instance, coffee retailers will often choose a site on the “going-to-work” side of the street to attract morning traffic from those heading to work. The more people that pass by your store on a daily basis the more chance you have to sell product.

 

Understanding your target demographic is crucial when identifying new real estate for your business. Household incomes, population, daytime population and number of households within a 5 mile radius are examples of some of the more pertinent criteria used to help retailers establish a strategic site selection process. The presence of other national retail brands in close proximity to your potential site is another indicator of a strong trade area and consistent customer traffic. Big box stores like Walmart, Home Depot and Lowe’s are examples of strong tenants to have near by to help bring traffic to your site.

 

Retailers, in many cases, may work with brokers, developers and corporate real estate representatives to find the best locations for new stores. Identifying a strict set of criteria for your real estate site selection process is critical and will help maintain consistency in reaching peak performance for each new store as you grow your brand.