What you’ll learn to do: Explain the significance of selecting a store location
Your store’s location will ultimately influence the consumers view of your company, or brand. Opening a store in the wrong location may have negative consequences or be in appropriate. Think about wearing a tank top to a black tie event. You’d be a bit out of place. Location, like the appropriate attire to events, is everything. Consumers will be confused if the store seems out of place and ultimately may not shop there.
Studying customer foot traffic, walkways and outside factors all come into play when selecting a store location. Having consistent walk by foot traffic will cost more in monthly rent. If you are selling impulse purchase items this is a big benefit. Opting for a second or third floor location will save you money on rent and provide privacy. Stores planning on doing extensive marketing would benefit from the cheaper monthly rent.
In a mall, for example, designers use elevators and escalators to encourage movement around the mall and impulse purchases . Selecting a store location is important to developing your business.
Contributors and Attributions
- Introduction to Selecting a Store Location. Authored by: Freedom Learning Group. Provided by: Lumen Learning. License: CC BY: Attribution