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Retail Site Selection Checklist
Step by step guide for expanding
small and mid market retailers
PiinPoint | 151 Charles St...
Retail Site Selection Checklist
1. Setting Your Parameters
Description
The first step is to assess three basic components ...
Retail Site Selection Checklist
2. Collect the Necessary Data
Description
After developing a clear, detailed picture of yo...
Retail Site Selection Checklist
Find Available Commercial Real Estate Within Your Budget
Description
Now that you've come ...
Retail Site Selection Checklist
Compare the Available Real Estate Options
Description
There are many factors to consider r...
PiinPoint Overview
About Us
PiinPoint is a location intelligence company that helps analyse, validate and market
retail re...
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Retail site selection checklist

Retail Site Selection Checklist

http://competitionmap.co/Retail%20Site%20Selection%20Checklist%20.pdf

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Retail site selection checklist

  1. 1. Retail Site Selection Checklist Step by step guide for expanding small and mid market retailers PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121
  2. 2. Retail Site Selection Checklist 1. Setting Your Parameters Description The first step is to assess three basic components of your business expansion plan: First - who is your target customer for the new location, and where are they coming from? Second, - what factors will drive traffic to the site? Third - What risks and opportunities exist surrounding this site compared to other potential locations. Action Items: ❏ Identify what demographic variables define your target market (i.e. population density, income bracket, age, number of households, etc.). ❏ Explore what new developments the area is expecting and how that will impact the location ❏ Outline the competition and understand what anchor stores exist to help drive traffic to our location ❏ Evaluate the performance and reach of existing locations to consider the potential of cannibalization ❏ Gather the minimum requirements for automotive and/or pedestrian traffic counts ❏ Determine the number of parking stalls required for the location as it pertains to seating and what direction of traffic will yield the greatest number of customers. Opening a storefront location means you'll need to be within a reasonable proximity to where your customers live. It's also important to identify underlying problems and expenses associated with logistics of a particular location (proximity to the nearest warehouse, ease of access for trucks for the area, etc). PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121 Finding the right location for a small or mid-market retailer is a matter of determining what is absolutely crucial and what can be safely compromised. There is a lot riding on this important decision, and with so many factors to consider, it seems overwhelming every time the decision needs to be made. Below is a simple checklist that will help you find the right location for your business to grow, but first a few words about PiinPoint.
  3. 3. Retail Site Selection Checklist 2. Collect the Necessary Data Description After developing a clear, detailed picture of your target customer for the new location and setting boundaries based on the needs of your business, the next step is to locate the specific areas (known as “trade areas”) that are right for your business. What data you will need: ❏ Population counts and other demographic statistics for the areas of interest (Does your target market live in the area and what is the percentage? Will customers be willing to travel to your store and be able to do so conveniently?) What is the minimum number of people you require to be successful? ❏ Relevant consumer expenditure statistics: target market in that area actually spend on the goods/services related to your offering) ❏ Competition map and saturation areas (What is the competition density of the area? . How much market share can you achieve? What side of the street is your competitor on? What is their visibility like compared to your potential site? ❏ Labour availability (Remember that it's not just the customer you'll need to consider here. The available labor force is also important - will you be able to attract the kinds of employees you'll need?) ❏ Logistics of the supply chains, goods delivery, etc. (How close will you be to key distributors and suppliers?) Where to get free data: As a small or mid-market retailer searching for free data there are a number of options. What must be noted is that these sources will not always provide the most up to date information and therefore may not provide an accurate depiction of your candidate location. These sites include: ZoomProspector.com, City-Data.com, and freedemographics.com. PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121
  4. 4. Retail Site Selection Checklist Find Available Commercial Real Estate Within Your Budget Description Now that you've come up with a list of promising locations for your business, it's time to find out what is available. Developing good relationships with the right real estate brokerage / agent - someone you can trust and who really knows the market - will be a big help, as will your own common sense and attention to detail. Now that you've come up with a list of promising locations for your business, it's time to find out what is available. Developing good relationships with the right real estate brokerage / agent - someone you can trust and who really knows the market - will be a big help, as will your own common sense and attention to detail. A robust strategy and budget will help to narrow your choices effectively - shopping malls can provide a visible profile and lots of foot traffic, but will the higher rent fit into your budget? PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121
  5. 5. Retail Site Selection Checklist Compare the Available Real Estate Options Description There are many factors to consider regarding each available location, and much will depend on the specific nature of your business. Here are some important general questions to keep in mind: ❏ Is the area zoned for the type business you want to open? ❏ Will you be able to establish a good working relationship with the landlord? ❏ Is the neighborhood safe? ❏ Is the facility itself in good condition? Will repair work be necessary? ❏ Does the facility have the right layout? If you need to expand, will you be able to? ❏ Will there be enough parking for your customers? Is public transportation nearby? A lot of hard work and careful consideration goes into finding the right location for your business expansion. Keep in mind, though, that none of those details will matter if your customers can't find you or the rent is more than the sales forecast can cover. Put in the time and the effort now to find the best location and give your new business location the strong start it deserves. PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121
  6. 6. PiinPoint Overview About Us PiinPoint is a location intelligence company that helps analyse, validate and market retail real estate. Create, print and share elegant demographics reports with beautiful maps in just a few clicks. Using the most accurate data available in real time, PiinPoint makes site selection and sales forecasting easy. Benefits of PiinPoint PiinPoint was created for retailers looking to innovate, differentiate and optimize their real estate decisions. Go beyond just showing executives a static map with basic census data. PiinPoint gives you the power to perform advanced sales forecasting and trade area analysis, and display your results on high resolution maps with professional quality reports. Whether you’re evaluating a site, in the middle of an executive presentation, or out in the field on a site tour, PiinPoint offers a simple and easy to use solution requiring no IT involvement. Save time evaluating new stores for expansion or relocation Improve sales accuracy and financial performance Increase your competitive edge Find and attract more customers Enhance collaboration and cut costs Leverage real time, data- driven decision making PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121

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