Describe factors of competition and location one should consider for setting up small retail store specializing in high price children clothing.
For the sake of clarity we will discuss this question in two parts. First we will look at the factors that affect location decision for any retail store. Next we will take up issues specific to retailing of high price children clothing.
In retailing, the location of retail store is very important as the customers have to physically visit the store to buy from the store. In addition there considerations of cost, legal requirements and technical feasibility.
To increase more customer visit the store it is necessary to choose a location that is convenient to prospective customers. Also the location should have high visibility. When more people notice the presence of a retail, chances are that more people are likely to visit the store. We can improve the customer convenience of visiting the store and the visibility of store by paying attention to the following.
- The store should be located at place where the target customers live, or at places regularly visited by customer for other purposes such as on work, pleasure, or shopping.
- The store should be easily approachable from roads regularly frequented by customers. This increase the chances that the customer Will stop by and visit the store while on way for some other work.
- There should be sufficient and convenient parking place for customers.
- The store should have a pleasant and healthy environment. Places with unpleasant environment such as foul smell or dirt and filth is likely do discourage customers from visiting the store.
- The location should have high visibility. Customer are more likely to see and notice stores that are on main road, particularly when it can be seen from a distance while driving by.
- Locations where lot of people pass by is likely to have more customers entering the shop.
These factors need to be examined in light of the type of customers buying high price children clothing and their buying behavior.