8 Must-Consider Project Elements Before Signing for a new brick-and-mortar location.

Posted on September 3, 2018 by Carm McCormick
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8 Must-Consider Project Elements Before Signing for a new brick-and-mortar location.

Posted on September 3, 2018 by Carm McCormick
 

IF YOU THINK EVERYTHING YOU PLAN ON PAPER IS ETCHED IN STONE…THINK AGAIN.

Are you in the process of transitioning from business plan to physical storefront? Or moving from one pre-existing location to a second one? Realize just how important it is to consider all of the details.

Your business plan, your playbook and any logistical blueprint you’ve been working with might suggest that all you need is to get those doors open; get the systems operating for everything to work out. That might not be (and often isn’t) the case. There’s a possibility that you’ve missed some aspects in your preparation. And how can you know what you don’t know? Expanding your retail footprint can be intimidating.

So, let’s walk through where your focus should be and what to beware of, while you’re looking for that perfect space for your brick-and-mortar retail location.

So, let’s walk through where your focus should be and what to beware of, while you’re looking for that perfect space for your brick-and-mortar retail location.

HUNGRY TO BUILD YOUR BUSINESS? SUCCESS IS ABOUT MOVING SMARTER, NOT FASTER.

1. Match made in heaven.

Customers first, right? Any location you scope out must take their needs into consideration:

  • You’ll need to know your customers’ wants and how that translates into your brand’s presence in the physical space.
  • You need to understand customer expectations and what your competitors’ offerings are.
    1. sub-list 1!
    2. sub-list 2?
    3. sub-list 3.
  • You must have a plan to draw customers into your store, starting with exterior signage (location permitting, visibility from the road).
  • Your location needs to be accessible and appealing. Make it easy for your customer!
    • Another list item
    • yet another

2. It’s all about the details.

If you like a location, drill down to demographics and get intimate with your target market:

  1. Analyze and embrace the demographic your business will cater to – your target market’s age, income, education and shopping habits.
  2. Understand the types of products or services they want and ensure your location best suits your business.
    • Another list item
    • yet another
  3. Know what vehicle traffic to expect and provide adequate, accessible parking.
  4. Consider the level of foot traffic coming your way and accessibility to public transportation stops.
    1. sub-list 1!
    2. sub-list 2?
    3. sub-list 3.