WEEKLY MARKETING IDEAS, TO IMPLEMENT INTO YOUR STORE
PARAMETER 1: THE STORE LOCATION
Probably, one to the most important points, for having an successful business, is having, the right store location. Today, in a very competitive and difficult retail environment, you can have the best price, biggest product offer, best offers,... but only,.. the exact location can make the difference.
Before launching a store, it is necessary to study in detail the exact location.
The right store location and environment can be divided into 4 key sub parameters. They will allow you, to detect and to measure the best new and or evaluate your existing commercial location.
However, before, it is important to consider the following 3 general questions?
- Has the city enough economical potential, in order to justify your investment?
- Did you analyze the general area and its most commercial streets?
- Did you analyze the general facts of the selected store location and its environment?
The facts, which will define your final decision, to select your store location, can be divided into:
Facts who have an input on the demand: flow of transit, possible and future turn over increase, etc..
Facts who have an input on its environment: the existing commercial offer, or services like banks, public organizations, transport...., direct or indirect competitors, urban and or architecture characteristics like easy access, parking availability, car free street,..
Facts who have a input on the building, store: visibility, access, size of front windows,...
Facts who have an input on the acquisition or maintenance: rent, fee to take over store....
Lets now start with analyzing our 4 key sub parameters. As explained, last week, we are going to quote them form 0 until 3. As you will remember, we described the quotes as follow:
0 = critical, requieres immediate action
1 = not that favorable, needs a short medium action
2 = favorable, good, but needs a medium long action
3 = optimal, perfect.
The 4 parameters to analyse:
The general attraction of a commercial area: The right store location is vital, to assure the success of your business. Are you in the right commercial area? Are you in the best street?
The flow of people in that area: Strategic and very important, the exit of your results, is mainly linked with the number of people passing your store. The more people, the more possibility that people will enter and buy.
The kind of type of street of a commercial area: The street, front store, the size, the width (min. 1.50 is needed) are very important , as they will allow your store, a better visibility and access.
The area or environment of the store: Definitely strategic, when selecting your store location. The fact that you are in an already well developed commercial area and the wide range of existing services will generate and guarantee, an important flow of consumers.
Lets give you some examples, how to quote your parameters:
Example 1: You are in a 'out of the main commercial area' street, not visible = quote 0 (maybe you have to change your store, to a better location).
Example 2: The flow of people passing your store, in commercial hour, is more than 50 persons, each 10 minutes = quote 3 (can not be better)
Example 3: The width of the street of your store front is less than 1m = quote 0 (will provoke bad access and visibility of your store, the minimum store front has to be more than 1,50m)
By analyzing and quoting (eventually, by making a table with all results) all parameters in detail, you will end up with a final result. It is important to analyzing with a critical eye (a SELF-critical analysis), in order to have a clear and correct view of your existing and or future store location, as big part of the success and results will depend on it.
Based on the total result, you will be able to make the right decisions, concerning your perfect store location.
My experience has learned me, that it is better to have the best commercial location and paying more in rent or buying price, than looking for a cheaper 2nd, 3rd or 4rd store location, but having few flow of people and less sales. A good location is already the half of your success.
Lets start.....
NEXT WEEK,
PARAMETER 2, THE STORE CONCEPT....
NOTE: Please do not hesitate to ask us, if needed, more in debt and detailed information, how to realize and find your perfect store location.
Example 1: You are in a 'out of the main commercial area' street, not visible = quote 0 (maybe you have to change your store, to a better location).
Example 2: The flow of people passing your store, in commercial hour, is more than 50 persons, each 10 minutes = quote 3 (can not be better)
Example 3: The width of the street of your store front is less than 1m = quote 0 (will provoke bad access and visibility of your store, the minimum store front has to be more than 1,50m)
By analyzing and quoting (eventually, by making a table with all results) all parameters in detail, you will end up with a final result. It is important to analyzing with a critical eye (a SELF-critical analysis), in order to have a clear and correct view of your existing and or future store location, as big part of the success and results will depend on it.
Based on the total result, you will be able to make the right decisions, concerning your perfect store location.
My experience has learned me, that it is better to have the best commercial location and paying more in rent or buying price, than looking for a cheaper 2nd, 3rd or 4rd store location, but having few flow of people and less sales. A good location is already the half of your success.
Lets start.....
NEXT WEEK,
PARAMETER 2, THE STORE CONCEPT....
NOTE: Please do not hesitate to ask us, if needed, more in debt and detailed information, how to realize and find your perfect store location.
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