What Important Factors Need to be Considered For Retail Site Selection?

Posted by gisellethomas38 on August 22nd, 2021

Researching the next ideal location for your retail business becomes complex with each passing day. It is no longer limited to knowing where your target audience lives. There are many variables that come into play. Having a robust real estate site selection software will help a lot. Here are some factors you can assess for your next site selection:

1 — Complementary businesses

Assessing nearby competitors will come in handy in knowing your comical success potential. If you set up shop in a place where other businesses complement you, then it can be considered a suitable location. For example, if you set up a café near a theater, then you can be assured of constant foot traffic throughout the day.

2 — Competitors

Your site selection will depend on the presence of competitor businesses in the same industry as you. So, suppose if you open a café in a street that already has three cafés, then it will be unwise to set up your store there.

3 — Parking

Many to-be customers avoid entering store premises simply because they couldn’t find parking space. A good rule of thumb to follow is the 3:1 ratio. This means 3 sq ft of parking for every sq ft of retail space. The parking space should be easy to find. Also, customers should be able to enter and exit these parking spaces with ease.

4 — Costs

This is one of the most critical components for site selection. You can utilize commercial real estate analysis software to know the various costs like utilities, security, outer space maintenance, common area maintenance and renovation costs.

To sign off

A good commercial real estate analysis software will help you identify, evaluate, and finalize a new location for your retail business. They will help in informed decision-making with a definite likelihood of success.

For More Information Visit: https://mapzot.com/real-estate-site-selection/accusite