Location, location, location. This is one of the most critical decisions while establishing a new retail business. It is very important to find a convenient place near targeted consumers, affordable, and has enough space to properly display merchandise. The selection of a store location is influenced by several factors, including:
- Competitors’ nearby location.
- Investment capital available.
- In-store location (think pop-up shops and mall stores).
- Supply and distribution requirements.
- Store facilities.
- Space layout.
- Traffic sources.
- Customer needs (such as parking, bus stops, and restrooms)
