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Location, Location, Location.

Guest post by: Deepak Vora

Article Overview: The popular real estate mantra "location, location, location" explains why some promising businesses fail in poor locations and mediocre businesses do so well in great locations. In order for any business to succeed, it should be situated in a location which has good visibility, accessibility and heavy traffic of potential customers. Regional and outlet malls, lifestyle centers, urban street locations, and Hotels and Resorts with designated shopping and dining areas all meet this criterion.

Location, Location, Location.

My inspiration for this week's blog came from the infamous quote in the film Field of Dreams, "If you build it he will come". It's all about location, isn't it!!!!

The popular real estate mantra "location, location, location" explains why some promising businesses fail in poor locations and mediocre businesses do so well in great locations. In order for any business to succeed, it should be situated in a location which has good visibility, accessibility and heavy traffic of potential customers. Regional and outlet malls, lifestyle centers, urban street locations, and Hotels and Resorts with designated shopping and dining areas all meet this criterion.

In the case of multiple location choices, there are three things which will help the decision process.

1. Do your own research.

Data on demographics, sales per sq. feet and traffic count do not always portray the true story. Numbers give the overall average and there is no way of knowing the best or worst case scenario. Visiting the location on different days and times will help identify potential customers. Interacting with neighboring retailers, mall operation management, contractors currently working on projects there will reveal a wealth of information. You will get a first hand feel of whether your brand strategy will attract shoppers.

2. Consult an architect.

Most people hire architects only after the lease is signed. They don't see the necessity in wasting money if the location has not been selected. This makes logical sense, but isn't business all about taking a risk to reap big rewards? Hiring an architect to do a feasibility study of multiple locations has the potential of providing the highest return on investment of activities associated with the project. A store layout will reveal whether there is enough room for merchandising or any structural restrictions, which might compromise the design; and in the case of a restaurant, which locations would require the least modifications for a rollout based on a prototype design. Also wouldn't you like to know if the toilet is ADA compliant or not?

3. Consult a contractor.

Rarely are contractors asked to be part of the location selection process. Clients usually contact them after the lease is signed to find out what the building costs will be. The contractors in turn refer them to the architect and ask to be furnished with the drawings so they can bid from subs. Those who have done projects in locations under consideration can provide a wealth of information on requirements unique to local regulatory agencies as well as landlords and these affect time line and costs. Though many general contractors will provide free consultations, it is best to compensate them to receive the best advice.

The retail business is still in the final stages of full recovery from the current recession. With the promising holiday season around the corner, many of you will be thinking of expansion. This is also like the World Series - first game, bottom half of the ninth innings, bases loaded and you are on deck --- Wouldn't you like to hit a home run by selecting the right location and start a winning streak?????

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Article Tags: accessibility, Construction Companies, Feasibilty study, heavy traffic, lifestyle, location, outlet malls, promising businesses, proto type design, real estate, shopping, store layout, urban street



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