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Take a look at the photo in this blog post. Do you think they knew that they would eventually be retail neighbors? It’s kind of a funny signage pic of two retailers that was shared on Facebook a few months ago. At least I thought it was kind of funny however my mind has been known to be in the gutter at times. Could that have helped them or hurt them? When doing site selection for retail space there are many retail criteria, including knowing who your neighbors are or will be that one must consider to ensure the success of their retail business.There is a laundry list of retail site selection factors that retailers should consider however they may differ based on the type of retail operation, products and services offered, and that particular retailers needs, goals, and objectives. There is no magic set of criteria suitable for all types of retail businesses, however they will be more successful if they research some of the following criteria before leasing or buying your next retail space.
- Demographics
- Availability of parking and easy ingress and eggress
- Traffic patterns & accesibility
- Signage
- Economic & business diversity
- Population density
- Zoning ordinances
- Customer drive time
- Customer purchasing power
- Proximity of box anchors & complementary and competing neighbors
- Site visibility
- Nearby conveniences
- Proximity to sites that draw large crowds
- Communities with a track record of success and growth
- Future demographics, growth, and development
When doing site selection it’s important to be thorough in your research because the success or failure of a retailer depends to a great extent on it’s location and criteria similar to the above.
