Choosing the right location

The single most important factor in retail success is LOCATON.

Choosing the right location is paramount. Get this wrong and you may be placing your business and your personal wealth in jeopardy.

Understanding how to choose the right location can be confusing, especially so for first time retailers.

Do you start with premises to suit your immediate needs or do you look for premises you can expand into?

Do you look for premises in a strip development or in the shopping centre?

Get these decisions wrong and once the Lease is signed, you will face legal consequences which require tactful negotiations with the landlord.

Your type of business may dictate strong passing pedestrian traffic or it may not be so important. Do you rely strongly on internet sales and enquiry?

What is a fair market rent for premises in the location I am looking at?

Are there developments within the immediate vicinity which may affect your business in future?

Who are your competitors? Is there sufficient market share for another similar business?

Rent and extra overheads like Outgoings and Promotion Fund amount to a large portion of your fixed expenses. Can your business sustain these overheads in light of your business plan? Can these expenses be negotiated? What increases can I expect in future years? What is your Occupancy Cost?

Containing overheads, picking the right location for your business, having the right products, the right level of inventory, a professional well presented store and being a good shop-keeper are all necessary ingredients for success in this competitive retail environment.

If you need assistance in any of these areas, I can help with practical advice and with my retailing experience, together we can look to a bright future.