The impact of the online shopping revolution has been heavy in some sectors of traditional retail, but it’s heartening to know that almost 80% of consumers still prefer the traditional model. And that’s not all.
Consumers spend more in brick-and-mortars than they do online, because they spend more time in physical plants than in an online outlet. Convenience, right?
Traditional retail is increasingly about a personalized experience and going outdoors to shop, while perhaps less convenient, is an outing which is pleasant and fun.
This post concerns things to consider when scouting space for your brick-and-mortar store. As we’ve all heard, many times – location, location, location is the name of the game and right at the top of our list of things you need to think about.
Getting in the customer’s head.
You know your customers. So, what is it you want your brick-and-mortar store to say to them about your brand and the experience it offers them? When scouting space, this seemingly esoteric factor is more important than you may believe.
There’s a strong tie in with the need for a location which appeals to your shoppers, due its convenience and accessibility and the flavor of the neighborhood it’s found in. Is there foot traffic? Does that foot traffic look like your current customer base and will your loyal customers feel good about visiting you at the new space?
Can a sign be easily seen from the road, if you’re driving by? If so, you may have scored a location which will demand less from you in advertising spends. If that factor meshes with the others in this section, you may have a winner.
Demographic makeup.
The demographic makeup of the neighborhood where your potential store is located is another key factor. If you’re selling snowboarding equipment, you’re probably best not to set up your tent in a community largely inhabited by seniors.
Surrounding businesses can tell you a lot about the kind of people who live in the area you’re looking at. Do these businesses speak to the interests of your customers? While you may be a destination outlet, your plant should be situated in a place that offers additional interest, like restaurants and other retail outlets that appeal to your customer base.
Demographic markers like age, sex and median income can tell you a lot about what your foot traffic will look like. It’s a crucial factor which can make a potential location more attractive, or a bit of a dud.
Convenience and amenities.
As pointed out earlier, scouting space should also consider what’s already in the neighborhood. Are other businesses nearby highly-frequented, offering you the possibility of runoff foot traffic? Is there ample parking? Are there businesses in the area which would interest your customer and provide them with additional incentive to visit?
Another consideration is public transit. If there’s a transit stop near your potential storefront, you’re going to benefit from much more foot traffic – and potential customers.
Clip Strip Corp. is an innovator in retail POP display supports.