Whenever we provide our clients an analysis and visual display of their location(s), we always start with “here’s the good news & the bad news.” In most cases, great locations command high rent prices while bad ones are the opposite. The good news about a great location is that you don’t have to advertise as heavily to drive traffic. If you don’t have a great location and let’s face it, few merchants do, you will need to spend more on local marketing to try to make up for it.
Whether or not your location is optimal, convenience matters. It matters more so today at a time when consumers are working harder and count their time every bit as preciously as they count their money. You really do have to pay tremendous attention to WHO lives near your location and make sure you capture your fair share of their wallets before you venture too far beyond your natural trade area.
Retailers have known for decades that 70% of retail success is location, location, location. Make sure you know as much as possible about each of your locations and what your fair share of its potential should be yours.