Choosing a new location is one of the most important decisions to make when it comes to growing your brand. In fact, if you ask us, location will have a bigger impact on your brand’s success than almost any other factor. So, when choosing your next spot, here are a few things to keep in mind.
- Who lives here?
When evaluating a new market, trade area, or site, the most important question to ask is “who lives here?” There are countless ways to answer this question, but they all come back to understanding the local demographic landscape. - Where are your competitors?
You know you can compete; we know you can compete, but your brand’s success is closely tied to the presence of competitors in any new market. Before selecting a new site, you must understand what competitors are present, where they are, and how you can out-position them. - Who’s the landlord?
No two landlords are alike. Even the biggest multi-national players all function a little differently. Having a broker who not only understands your new market but also has experience negotiating with the local (and non-local) landlords is essential to coming out on top as you pursue your next site. - What’s the next step?
In a business where things move fast, it can be easy to forget about the next step in your brand’s expansion. When it comes to opening a new store, one important item to keep in mind is how this location fits into the bigger picture, and ways it can become a springboard for future expansion efforts.
If you’d like to find out more about how technology impacts real estate, reach out to our team at info@theretailstrategy.com.
