Briefly describe the five key factors in selecting a good location for a "brick-and-mortar" retail store. Which of these factors do you believe is most important? Why?
1. Distance from a similar store or a competitor.
2. Population density and average income of the area. Are you selling something that you expect people can afford and are willing to buy?
3. Parking, ease of entrance/exit to and from the store. [ People are a lot less likely to stop at a place that is hard to get to, doesn't have adequate parking, or they have to wait through multiple stop
lights just to get in and out of.
4. Laws governing the height, dimensions, and lighting of signage.
5. Taxes. Sales, property, income, and payroll for the particular area.
6. Surrounding businesses. Are they complementary (will people who shop there be likely to visit your store)? Other outlets where consumers can stop without driving somewhere else and having to go through the hassle of parking again. It makes shopping that much more convenient and any time you can save your customers time, you're ahead of the competition.
7. Number of people who will see the store. Is it near busy streets and highways where a lot of people will drive by? Is there foot traffic?
8. Cost of the real estate, construction, and insurance. Is there existing infrastructure?
9. Zoning laws. Are they compatible with what you want to do or do you have to secure a variance?
10. Do you have adequate storage and room to unload supplies? How far are you from your primary vendors and how much is shipping? ]
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