If you are in business of retail, then do you know what are the 3 most important things a showroom owner must require for running is business successfully? The answer is 1. Location. 2. Location & 3. Location. Yes you heard it right. The most important thing for a retail store to succeed is location. That doesn’t mean that product , pricing , service is not important. If you get your location right, your success rate is 50%.
In this video I will talk to you about how to do a site location analysis and arrive at the best location. I will share it with my own personal examples for you to understand better.
There are 2 ways to approach this problem. You want to open a store in one location. Either, you can analyse the location which is available to you or you can analyse a locality and arrive at a particular road which will be the right spot for you. For example in Anna Nagar, your broker has shown you a location which is available for rent. You can analyse if this location is right spot for your business and take a decision or second option could be, you analyse the entire anna nagar area and finalise Shanthi colony as the right spot for your business and then approach a broker to find a location for you in shanthi colony. Both ways will give you the right results.
To Analyse a particular store location and arrive at a decision we need to know these 4 things
1. Catchment Area
2. Competitors
3. Complementor
4. Costing
#MuthuSolaiappan #SiteLocationAnalysis #Businessmantra