Retail Store Location

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Introduction Why is retail store location so important? Location is very Response to the question of ‘what is the most important three things in retail is; location, location and location. Location is very important THE IMPORTANCE OFelement for SITE SELECTION Location is also competition RETAIL customer to prefer a store. things are relative to advantage which is not easy to simulate. For a retail enterprise, Submitted word, the magic bylocation may result as success or failure. But a good loca
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  Why is retailstore locationso important?   Location is veryimportant but allthings are relative tothe magic word,Profit. Evensupermarkets closedown in busy highscale areas becausethe rent, competitionand payroll cost toohigh, but the samesupermarket chain alow volume store in apoor rural area makesprofit than half thechain. All things arerelative. Introduction   THE IMPORTANCE OF RETAIL SITE SELECTION Retail site selection is a very important decision. First, a location isusually one of the most important elements customers use in choosinga store. Second, when chosen, a retailer must live with the site formany years because it is expensive. Lastly, because great sites areacquired by other retailers, it is mostly hard to find them. Response to the question of ‘ what is the most important three thingsin retail is; location, location and location. Location is very importantelement for customer to prefer a store. Location is also competitionadvantage which is not easy to simulate. For a retail enterprise,location may result as success or failure. But a good location is relatedwith target market, rivals and costs at retail business, achievement orfailure is related with the features of trade area surrounding thelocation. Sales in retail stores are not only related with the numbers of families and people next to the trade area, but also the costumerscome from abroad.Lastly, the site may be in a shopping center. In such a case, the retailercan generally be sure that it will have the suitable mix of neighbors,sufficient parking places, and fine traffic. But, in some cases, theretailer must realize the situation in which the center is not correctlyplanned. It is hard to gain in a shopping center where most of theplaces are not hired. The critical side of channel strategy is the locationof store. Proper places give chance to easy transportation, attracts lotsof customers and they change customers shopping and buyingconcepts. Among the retail stores which sells almost the same goods,the ones in different locations, may have a big portion on marketshare and profitability.   Retail Storelocation   THE IMPORTANCE OF RETAIL SITE SELECTION Submitted by-Gaurav chartterjee 07Manual Ritesh Minz 08Mayank Anand 09Suman Saurabh 10Amol Ritesh Toppo 11Megha Sharma 12       R   e   t   a   i    l   S   t   o   r   e    l   o   c   a   t   i   o   n  1 Table of Contents Why is retail store location so important? ...................................................................................... 0   Location and Retail Strategy ............................................................................................................ 3   Steps involved in choosing a retail location. .................................................................................... 3   Market Identification ....................................................................................................................... 4   Determining the market potential ................................................................................................... 4   Identify alternate sites and select the site ....................................................................................... 6   Type of Goods .................................................................................................................................. 6   Population and Your Customer ........................................................................................................ 7   Accessibility, Visibility and Traffic ........................................................................................... 7   Signage, Zoning and Planning ................................................................................................. 8   Competition and Neighbors .................................................................................................... 8   Location Costs .......................................................................................................................... 8   Personal Factors ...................................................................................................................... 9   Special Considerations ............................................................................................................ 9   Three levels of analysis .................................................................................................................. 10   Regional Analysis ........................................................................................................................ 10   Trade Area Analysis .................................................................................................................... 10   Site Analysis ............................................................................................................................... 12   Site analysis is an element in site planning and design. Kevin A. Lynch, an urbanplanner developed an eight cycle step process of site design, in which the second step is siteanalysis, the focus of this section. ................................................................................................. 12   Process ....................................................................................................................................... 12   Element ...................................................................................................................................... 13   Factors Affecting Attractiveness of a site- ..................................................................................... 15   Accessibility ................................................................................................................................ 15   Road Pattern And Conditi .......................................................................................................... 15         R   e   t   a   i    l   S   t   o   r   e    l   o   c   a   t   i   o   n  2 Natural And Artificial Barriers .................................................................................................... 16   Visibility ...................................................................................................................................... 16   Traffic Flow ................................................................................................................................. 17   Pedestrian Traffic Count ......................................................................................................... 17   Automobile Traffic Count ....................................................................................................... 17   Parking .................................................................................................................................... 17   Congestion.............................................................................................................................. 18   Estimating demand for new location ............................................................................................. 19   Analog Approach ........................................................................................................................ 19   Regression analysis .................................................................................................................... 20   The Huff Model .......................................................................................................................... 21         R   e   t   a   i    l   S   t   o   r   e    l   o   c   a   t   i   o   n  3Step 1 ã Market Identification Step2 ã Determining the market potential Step 3&4   ã Identify alternate site and select thesite. CHOOSING STORE LOCATION   Where you choose to locate your retail business will have a major impact oneverything your shop does. The difference between selecting the wrong location andthe right site could be the difference between business failure and success.Before choosing a retail store location, define how you see your business, both nowand in the future.    What do your customers look like?    Can you visualize your building?    Do you know what you want to sell and what you want your business to beknown for?    Have you determined how much retail space, storage area, or the size of theoffice you need?Without the answers to these basic questions, it will be hard to find the perfectlocation for generating the maximum amount of profit for your retail store. Location and Retail Strategy   The selection of the store site can be a non-systematic process, which is based on “gut feeling” or “environmental observation” or an imit ation of competitors. Steps involved in choosing a retail location.  
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