As a retail business owner, you probably already know that your business’ success relies heavily on the retail space itself. Geographical location and building features play a big role in drawing customers to your shop, so it’s important to assess both current and potential retail spaces to ensure your primary location suits your business needs best. Here are a few things retail stores need in order to thrive and grow.
A Great Location
If your retail business has a lot to offer your community but the community your shop is located in is small or sees little growth over time, you’ll likely have a hard time bringing in new customers and growing your sales. When looking for the ideal space, always consider the location’s amount of foot traffic and the area’s demographic makeup. A community with plenty of other entrepreneurs might seem intimidating and make you feel that there is too much competition, but being situated in an area with supportive businesspeople can do much more harm than good for any growing business. You’ll also want to find a location that your employees will enjoy. With business growth comes the need for more assistance in running your retail shop, and choosing a great location will draw prospective employees to you as well.
An Optimal Floorplan
Your floorplan should be decided upon with a few factors in mind: the type of products you sell, the type of people who will be shopping with you, and how much inventory you’ll need space to both display and store. Visit potential leasing spaces for your business and try to envision the interior set-up you desire. Will there be enough space for all of the items you intend to sell? Will customers be able to easily navigate the store without feeling crowded or overwhelmed? Your store should have a good mixture of both open space and retail displays. Don’t forget to account for a personal office, bathrooms, and fitting rooms should your business require them.
An Inviting Exterior
The outside of your retail store is one of your primary resources for drawing customers to your business. Some would argue that if your shop doesn’t have an inviting or welcoming exterior, they’re more likely to walk right past without a thought of stopping in. Add colorful potted flowers to your storefront, post your retail store’s name in bright letters above the entrance, and decorate the windows with designs unique to your business that will grab the attention and interest of passersby.