How to find the right retail location for your fashion business?
Updated: Jun 25, 2019
If you are working in the fashion industry, you know that location is one of the key factors that can bring success to your business. There are many components to consider before choosing a location so it is important to do some research before making the final invest.
And even after having done said research, you might want to grab some pen and paper to write down the following questions to ask yourself (and the estate agent you are dealing with) if you want to find the right retail location for your fashion business:
1. Does the area provide plenty of parking space?
Aside from looking at the demographics (what is the foot traffic in the area? What kind of people live and visit that area? Do their profiles match your target buyer personas?), you should also pay attention to how busy the area is (in terms of car traffic) and what are the options for not only buyers, but also employees to park conviniently to access your store.
2. Is the area close and visible to public transportation?
We have already mentioned the importance of having convenient parking space for employees and customers alike, but you should not forget the value of public transportation for driving visitors to your area. Is the neighborhood where your store is going to be located well connected by public transportation?
3. How much space do you need?
Keep in mind details such as the type of customers you are aiming to sell to, the storage capacity you will need and the kind of products that you sell. If your main fashion product is children's clothing, you can expect couples with baby trolleys visiting your store, so you must keep in mind avoiding narrow aisles, for example.
4. What's the crime rate in the area?
Along with checking the demographics of the area, you should also look into the data regarding the crime rate. It is important for you to check that your store will be located in a safe neighborhood, both for your brand reputation and of course the safety of your store and employees.
These are some questions to get you started. However, there are other factors to consider before you make a decision to purchase a retail location. The area you choose can make or break your business. When you are looking at different locations, you should see if the building is facing traffic. The sign should also be easily visible to traffic, so it will attract potential customers. However, just because the store is visible to traffic does not mean it will always attract customers, so research the area to see there are customers that fit your target market.
You can also research the businesses that will be your potential neighbors. Even if there are not any competitors close by, you should be sure the surrounding stores are compatible with your store. If your store will have high-end merchandise that is expensive, then you may not want to be neighbors with a discount store.