Having a good location for business is such an important element for making a great impression on customers. Also for marketing techniques because many of them long affect decisions based on the retail store location. Moreover, a good location also leads to the competitor’s advantage because usually in retail mix marketing location. Is one of the critical techniques and also unique which is not easily copied by any competitor. It is also important that the location of the store is nearest to the customer’s place. While the terminology used here has no quantification, it cannot be quantified if the store should be located within 1 km or 10 km of the customer. And it is always based on the locality in the country and the probability of the retailer.
Important benefits of good retail store location
Convenient for chain supply and distribution management
The availability of retail store location helps the companies to make supply chain and distribution of goods and products manage easily for a particular outlet. This is also cost effective for organizations and helpful for them when it comes to providing immediate demands of consumers and providing urgent order to retail outlets will not face any difficulty for doing so.
Reduce transportation costs:
Another benefit of the nearest retail store location is it reduces transport costs because the supply chain and distribution of goods require proper transport to transfer to the outlet. But with the nearest location, they can easily provide goods by walking.
Influence on buying habit customer:
The nearest retail store location helps to influence the buying habits of the customers. Customers will always give priority to their brand. But most of the time, customers also prefer to avoid a hassle to get to their store and compromise on other brands as well and visit the nearest retail store. For example if you are a die heart fan of coca-cola and you want to purchase a bulk of coca cola but the location of the store.
Where coca cola is available is 20 blocks away from your house since after some days there is a store which 5 blocks away from your hometown. But there is Pepsi available, one day if you want to tired of walking 20 blocks and try Pepsi that is available at nearest retail store. And you get the same taste of coca cola like Pepsi. You probably start purchasing Pepsi that is convenient for you. So go and checkout the retail store location database for your favorite brand.
Types of retail store location
These primary retail store location types should be considered on the nature of business.
These are single small outlets of shops that are separated from different writers, and they are positioned near other retailers on the roads on the way to shopping centers. Many of the food and non-food retailers use this type of solitary site. The primary advantage of having a solitary site is that it is away from the competition and provides the services to the customers, which helps the customer to zero down on the product offered by that particular retailer. However, the shortcomings of having a solitary site are the pedestrian traffic will always be so as compared to a shopping center or a convenience store and the visibility will also business along with the huge amount of investment since the site will be solitary.
Unplanned shopping areas
These are the retail store’s location that have evolved over a long period of time and have multiple outlets in nearby proximities. The advantages of having unplanned shopping areas are that there is very high pedestrian traffic during working hours and also because of my residential areas. That This ensures a constant pull of customers. The disadvantage of having unplanned shopping areas is that there is a threat of shoplifting because of which high security is required. Also, it may cause inconvenience to other customers, and there are high chances of traffic blocking because of the unavailability of parking facilities.
Planned shopping areas
The retail store locations which are well planned according to the architecture and provide multiple outlets that are under the same roof are called planned shopping areas. They have huge land spaces and the collection of major retail brands. Malls, Specialty, and Lifestyle centers are classified under planned shopping areas. High visibility of customers is a major advantage of planned shopping areas. But the disadvantages are that security were require, and the cost of occupancy is also high.
Tips to have a good retail store location
As there are different terms and rules for retail store location which should be dependent on the nature of business and targeted audience also. Moreover, the following are a few of the steps which can be applies by almost all the retailers in order to find the right retail location.
Analysis of Market:
The company has to analyze the market in terms of its product. And industry along with the nature of competition and the trend of competition. The company also has to consider how old are there in the market. And how many other businesses are there in the current location. They have to check and analyze the market to know. How far the competition has been successful in satisfying the customers. The company also has to analyze how convenient the location is in terms of supply chain management and warehousing in order to make the products available on a daily basis.
Demographics of the market:
The demographics of locality is essential to be consideres in order to choose the retail store location. The age group of the customer, profession, Lifestyle, profession, and income groups, etc.
Market potential evaluation:
The paying capacity of the population plays an important role in the evaluation of the potential of the market. Along with the impact of the competition and the product estimation and demand. The retailer should also have the knowledge of regulations. And laws of the country in which the store is being operates.
Identification of alternatives:
Most of the time it so happens that the retailers in hurry. Of starting the business finalize a retail store location which costs them a fortune. In fact a similar location with similar business potential would’ve been available somewhere very close which was neglectes or overlookes.
Allocation of market budget:
A retail store location should have a marketing budget depending on the cost of the location. Which is in the third to build the brick and mortar place. The store which is occupying a prime location and has a good inflow. Of customers has indeed cost a fortune for the retailer. In such cases, the marketing budget will be very less since the story. Is visible to most of the customers and passers-by. On the contrary, a store which is located away from the main street. Should use more marketing campaigns and spend on marketing in order to attract more customers to the store.
Once the whole process of selecting the retail store location were follow. And the retail store are open on a selected location it is very important to keep track of. How good the location has turned out to be for the business.
Reference: types of retail store location https://www.marketing91.com/retail-store-location/