retail business plan

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retail operations management

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retail industry analysis

Finding the Location

Location can mean a whole lot to a retail business. It could spell failure or a success, depending on your decision. Selecting a location must be based on the target customers, goals, type of products to be sold, and needed space for retail, storage, office, and parking. If you intend to operate a convenience store, pick a location that is accessible, preferably right at the heart of the metropolis or town. But in the case of an antique store, it does not have to be conveniently located. Often, buyers do not mind travelling just to get the rarest piece.

A Strategic location for shops

A Strategic location for shops

A store retailer must exhibit accessibility, visibility, and traffic (good volume of potential customers). The location must have adequate facilities like clean rest rooms and ample parking space, and the vicinity must be safe and secure. It must be within a good, manageable distance from competitors or substitutes, but not too far to prevent price and quality comparisons. Furthermore, the costs of maintaining the location must be within a reasonable range to ensure profitability.

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