When it comes to the retail industry, it does not matter whether you have an online store or a physical store, location is one of the most important factors that influence sales. In the online world, it is slightly more abstracts, but you do not want your webpage to be on the second or third page of a Google search.
For physical shops, the research is much more defined and there are good reasons why the location of your shop is critical to the success of the establishment. Here is a quick look at why location is so important for your business.
Maximum digital space
Nowadays, retail stores are very dependent on digital signage to drive their sales. Not only is it used to display the store name and door signage, but a host of other advertising material. A good location will allow you to exploit the space available and place.
When you look at the digital signage by Mandoe Media, it is easy to see that it will draw customers to your doors if the boards are placed strategically. According to their experts, corner stores are perfect for digital signage as you have more than one angle to draw the crowds to your store.
Ease of access
With the online market thriving, it is more important than ever to find a location that is easily accessible. Online shopping has made shopping much more convenient. It is not even necessary to leave your home to make your favorite purchases. The one thing that online shopping cannot give, however, is immediate gratification.
If there is an item that a person cannot wait to get, they will still go to a store. Seeing that they are still very much accustomed to comfort, they will go to the store with the easiest access, and that is not necessarily the closest store.
Finding a niche spot
People will often go to areas where they can get all the items they want without driving from store to store. To drive sales, you need to find a location with businesses that relate to yours. This does not mean that your store needs to be located in a mall.
When your store is located in a region where other stores in your industry are located, you also change the view of the area. People start to see the location as a hub and will rather do their shopping there because it is a specialized area.
The demographics matter
When you want to open your store, there is a certain target audience that you are catering for. Before setting up shop, though, it is important to know the demographics of the area. If your store sells baby products, it is not the greatest idea to find a location that is close to an old age home.
Instead, you want to find a location where the community consists of young families. New residential developments are great locations because the families are young and are more likely to have more kids. When your location is well-researched, people will flock to your doors and all you need to do is ensure that there is enough stock.
If you do not have the convenience of placing your store near others in the same industry, you need to ensure that your visibility is optimal. Passersby need to be able to see your store from miles away.
Even though they might not stop there on their first drive-by, they will remember where you are located and will be more likely to stop at your store. If no one knows about the store, how are they ever going to walk through the doors?