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How To Identify a Retail Location
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Business New Haven
11/10/2003
By: Melissa Nicefaro
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When preparing to open a retail establishment large or small, research is indispensible.
(For our purposes "retail" includes any business that sells goods or services, and can range from a one-man business to Super Stop & Shop.)
First, one must have identified the most favorable geography for the enterprise. Once an area is selected, the prospective retailer must analyze the demographics of the area and whether those demographics can and will sustain your livelihood.
Next, a qualified Realtor can help you investigate consumer preferences or the needs of that particular area. Once a general area is decided upon, zoom in on a specific location within that area.
To make a final decision on location, one must be educated (or assisted by someone who is educated) about such issues as zoning, type of permits and approvals needed, and any restrictions on properties in the area. For example, a restaurateur would need to be sure that she or he could secure a liquor license.
Next, carefully study traffic patterns in the area and make sure there is more than enough parking for the type of business you wish to open. The location should be convenient to get into and out of for your customers-to-be - or else they'll shop elsewhere.
Someone opening a retail establishment should pay close attention to other tenants in the area. Just because they're there doesn't mean they're running a successful business. Look at other tenants from two vantage points: first, as a competitor; and then from a perspective of being able to play off of those other tenants in the area. While competition can healthy, neighboring businesses could benefit from complementing one another. A certain area may not have a need for three beauty salons, for example - but two might be ideal to fit the needs of the particular area and demographics.
Good signage and visibility is also key when seeking a new business location. Parking should be ample and well lit.
Most retailers are on the right track in looking for a location - if those items are on the top of their list.
AA Realtor can be an excellent resource if you're going into the process blind. If all you know is that you want to open a craft store in Orange, a Realtor can pull out a map of the Post Road and plot all the major retailers and see what the competition might be, then plot storefronts or locations that might be available. Many retailers feel that suburbs, though still extremely popular among retailers, are not as attractive as cities have again become.
Since the 1960s and until recently, many retailers have looked to the suburbs. But lately cities such as New Haven have become more attractive. Consumers - especially young married couples and people with at least a modicum of disposable income - are moving back to cities. Some mid-sized and smaller cities are feeling this rebirth, and many knowledgeable Realtors predict that the treend will continue.
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