MBA Notes And Study Material

If you opt for a city or state to locate your retail store, research the region thoroughly before making your final decision. Read local papers and speak to other small businesses in the area. Obtain location demographics from the local library, chamber of commerce or the Census Bureau. Any of these sources must have information on the area’s people, income and age.

You know who your customers are, so make sure you find a location where your customers live, work, and shop. Don’t confuse a lot of traffic for a number of customers. Retailers desire to be located where there are many shoppers but only when that shopper satisfies the definition of their marketplace. Small retail stores may benefit from the traffic of close by larger stores. · Just how many people walk or drive at night location.

· May be the area served by public transportation? · Can customers and delivery vehicles easily enter and out of the car parking lot? · Will there be adequate parking? Based on the type of business, it would be wise to have somewhere between 5 to 8 car parking spaces per 1,000 square ft of retail space.

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When considering presence, look at the location from the customer’s viewpoint. Can the store be observed from the primary stream of traffic? Will your indication be easily seen? In many cases, the better visibility of your shop has, the less advertising needed. An area of expertise retail store located six kilometers out of town in a free of charge standing building will require more marketing when compared to a shopping store located in a mall.

Before putting your signature on a lease, make sure you understand all the guidelines, guidelines, and methods related to your retail store location. Contact the neighborhood city hall and zoning commission for information on regulations regarding signage. Ask about any restrictions that may affect your retail operation and any future planning that could change traffic, such as highway construction. Other area businesses in your potential location can actually help or hurt your retail shop. Determine if the types of businesses close by are compatible you’re your store. For instance, a high-end fashion boutique might not be successful next door to a discount variety store.

Place it next to a nail or beauty salon and it could do a lot more business. Aside from the base rent, consider all costs included when choosing a retail store location. · Who pays for lawn care, building maintenance, utilities, and security? · Who will pay for the repair and maintenance of the heating/air models?

· If the positioning is remote, how much additional marketing shall it take for customers to find you? · How much is the common utility bill? · shall you will need to make any maintenance, do any painting or remodeling to have the location fit your preferences? · shall the retailer be responsible for property taxes? The positioning you are able now and what you are able in the future should vary.

If you plan to work in your store, think about your personality, the length from the shop to the home and other personal factors. If you spend a lot of your time traveling to and from work, the commute might overshadow the exhilaration of being your own manager. Also, many restrictions placed on a tenant with a landlord, management company or community can hamper a retailer’s independence.

Your retail shop may require special considerations. Make a list of any unique characteristic of your business that might need to be addressed. · shall the store require special light, accessories, or other hardware installed? · Are restrooms for staff and customers available? · Is there sufficient fire and police protection for the certain area? · Is there sanitation service available? · Does the parking lot and building exterior have adequate lighting? · Does the building have a canopy that delivers shelter if raining? · What is the criminal offense rate in the certain area?

Don’t play the girly card. If things don’t go your way in a few situations at work, get all girly about it doesn’t. No crying, no pouting, no foot-stamping, no flouncing out of the office, no drama-please. Do this once and you will be sure that nobody will take you seriously again.

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