3 Ideas To Consider Before Choosing Your Fashion Retail Business Location
Updated: Jun 25, 2019
When building up your fashion retail business, you know that choosing the right location might make the difference between success and complete failure. You have probably already made a list of facts to double check when making your decision, and probably also a few questions to ask yourself before selecting a specific location. However, keeping in mind some of the less common approaches will also serve to benefit a business owner in their hunt for retail space. Here are three ideas to consider:
1. Businesses in the Same Industry Close in Proximity Complement Each Other
While narrowing down the competition is a high priority that doesn't mean that businesses of the same type or even the same niche that are close in proximity can't thrive together. Malls and shopping centers host a variety of stores with many of the shops offering the same products whereas each business benefits from increased foot traffic.
Instead of trying to find a space that is distant from others of the same type, time would be better spent on obtaining information about specific products and their price points on offer in potential competitor shops. From there a fashion business can use that information to design a plan that will make their own shop unique.
2. Success Is Not Guaranteed Simply By Being Located in a Neighborhood with Higher Household Incomes
Business owners often strive to open stores in wealthy neighborhoods. However, the wealth of the neighborhood isn't the strongest factor in determining if a business will succeed. Having insight into what kind of people live in a particular area is detrimental in predicting if the type of fashion products on offer will be in demand. For example, a children's clothing store would most likely do better in a neighborhood that has a high percentage of families with small children versus a neighborhood with a high population of unmarried people.
There are many free demographics and lifestyle estimation tools available online, or you can reach out to a specialized agency that will provide the services you are looking for in order to get insight into the resident of a community, and fashion retailers can really benefit by using such information.
3. Look for Retail Space in Modernizing Neighborhoods to Save Big Money
Since budget is often the determining factor for where a business owner finds retail space it makes sense to consider space in a neighborhood that is undergoing reconstruction. Neighborhoods that are undergoing an overhaul generally have less expensive space available. These are neighborhoods full of young, trend setters who are hip on fashion and enjoy shopping the latest trends.