Things to Consider when Evaluating a New Retail Site

Is your retail business doing well?  Are you thinking of opening a new business site or considering the best place for your first retail location?  GbBIS can help.  We have over 25 years experience helping businesses discover the benefits of geography and data.  Today, GbBIS gives you the top things to consider when evaluating a new retail site. 

So, you’ve found the ideal location for your retail business.  It looks attractive and seems to be in a nice part of town.  But, there are a few things you need to ask yourself before you commit to that location.

Who lives near the location?

Do you know who will be visiting your store?  Knowing your target customer demographic is vital to the success of almost every retail business.  Identify the key demographic factors (age, gender, income, etc.) of your top customers, and then see if people with those same features live close to your new site.

Which businesses operate near the location?

A coffee chain located next to countless other coffee chains will have to make a strong effort to stand out and attract customers.  Know what businesses are located  near your new site.  If you pick a new retail site with too many competitor locations nearby, it may hinder your business.  Find out how many competitor locations are within 1 mile of your new site, 2 miles, 5 minutes, etc.

How many people walk or drive by the location?

Using traffic counts data, you can find out if your new site has a cluster of cars that drive by every day, or if it’s located in tumbleweed territory.  Remember, you want as many people to see your new retail site as possible, which brings us to our last point…

How visible is the location from the main flow of traffic?

Use transportation geographies to better view street networks and roads.  Does your storefront face the streets with the heaviest traffic flows?  Is your new site accessible from main roads?

Once you answer these questions, you will have a better idea of whether or not that new retail site really is the perfect fit for your business.  GbBIS is here to help you answer these questions.  We offer the most accurate data, maps, web applications, and reports to help you manage the impact of geography, locations, and demographics on your business.

Contact GbBIS today and discover how we can help you decide if that business site is right for you. 

Visit Us on the Web at gbbis.com

Or

Call Us at 1-877-447-6277

Image 1,6 via gbbis.com, Image 2 via images.frontdoor.com, Image 3 via firstandforemost.file.wordpress.com, Image 4 via montaguebikes.com, Image 5 via fvkg.files.wordpress.com

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