1. Tips on Choosing the Best Retail Location Nicole Ferguson, Erin Groebe & Angelina Lusetti

2. Location, Location, Location! Image and location are closely tied Image and location are closely tied Focus on customer’s point of view Focus on customer’s point of view Attract target market to business Attract target market to business

3. Tip #1 – Know Your Business Understand the needs of the business Understand the needs of the business Be aware of issues such as: Be aware of issues such as: Walk-in traffic Walk-in traffic Appointments Appointments Zoning restrictions Zoning restrictions Parking Parking

4. Tip #2 – Find Your Customers Determine target market and potential customers Determine target market and potential customers Utilize resources such as: Utilize resources such as: US Census Bureau US Census Bureau US Census Bureau US Census Bureau Local/state agencies Local/state agencies Develop own demographic profile Develop own demographic profile

5. Tip #3 – Get a Flavor for the Community Research/investigate the community Research/investigate the community Read local newspapers Read local newspapers Visit library Visit library Talk to local business owners for tips Talk to local business owners for tips Would business do well there? Would business do well there?

6. Tip #4 – Scope Out the Competition Do a competitive analysis Do a competitive analysis Determine ability to gain significant market share Determine ability to gain significant market share Offer what competitors cannot provide Offer what competitors cannot provide

7. Tip #5 – Consider Traffic and Accessibility Consider the following issues: Consider the following issues: Parking Parking Sidewalk accessibility Sidewalk accessibility Foot traffic Foot traffic Other automobile traffic Other automobile traffic

8. Tip #6 – Assess the Building Consider condition of the building/space: Consider condition of the building/space: Age Age Technological capabilities Technological capabilities Roofing Roofing Meets code requirement Meets code requirement

9. Tip #7 – Balance Cost with Other Factors Look at the big picture: Look at the big picture: Return on Investment Return on Investment Consider factors other than cost Consider factors other than cost Long-term benefits Long-term benefits

10. Sources AllBusiness.com “Tips on Choosing the Best Business Location.” http://allbusiness.businessweek.co m/article.asp?ID=11153&CenterID =25&CatID=1822&chan=search. AllBusiness.com “Tips on Choosing the Best Business Location.” http://allbusiness.businessweek.co m/article.asp?ID=11153&CenterID =25&CatID=1822&chan=search. US Census Bureau. http://factfinder.census.gov/home/ saff/main.html?_lang=en. US Census Bureau. http://factfinder.census.gov/home/ saff/main.html?_lang=en.