Location, Location, Location. But Which One?
January 13, 2010 1:51 PM Subscribe
Trying to choose a location for a new retail shop and have narrowed our choices to about 3 neighborhoods based on our own walk-arounds and research. Fortunately, we have connections with current shop owners in each neighborhood and they're happy to sit down with us and talk about their experiences.
We're going to begin meeting with them (individually) to try and find out more about the pros/cons of each potential location. We know the relative rents and other objective aspects about each potential site (parking availability, traffic patterns, basic demographics, etc...). What suggestions does the HiveMind have for questions and topics to ask and inquire about to help us make an informed decision for our location?
We're going to begin meeting with them (individually) to try and find out more about the pros/cons of each potential location. We know the relative rents and other objective aspects about each potential site (parking availability, traffic patterns, basic demographics, etc...). What suggestions does the HiveMind have for questions and topics to ask and inquire about to help us make an informed decision for our location?
Best answer: What kinds of signage is allowed by the property managers? Are there activities for kids nearby? (parks, etc.) (cause if not then your shopping center might be the gathering place for them which can be hellish). Which one has the best proximity to a grocery store (I like to be by grocery stores because the average person visits a grocery store more frequently than ANY other business).
posted by vito90 at 2:03 PM on January 13, 2010
posted by vito90 at 2:03 PM on January 13, 2010
"How's business these days?" is a good one. Ask about their businesses, and about them, and they'll start talking about things like neighborhood associations that are troublesome, parking problems, the construction they did three years that slowed business, and how "this neighborhood is a lot better/worse than it was when I started", all the things that people don't think of when they're thinking of you, but remember when they're thinking about themselves.
posted by davejay at 2:14 PM on January 13, 2010
posted by davejay at 2:14 PM on January 13, 2010
Best answer: --Do they anticipate any large construction projects within the next few years?
--No idea if this is an issue in the areas you're targeting, but are there any potentially troublesome street people or "characters" that tend to come around? How about similarly difficult business owners who resent similarly positioned shops?
--What is the vacancy rate in the area? How long do storefronts stay in business/stay vacant when someone leaves?
--Look at the landlords in the area. Who are good and who are not so good?
--How late are nearby businesses open, and does that lead to enough walk-ins for their business to make it worth their while?
--If they are willing to share it with you, can you see how much they pay their employees? Some neighborhoods may pay more than others because of cost of living/swank factor.
--Where do most of their customers come from? There's a place here in town that thought it was perfectly placed exactly between the Capitol and the university to catch both groups, but sadly learned that it was too far (we're talking a block or two either way) for either.
posted by Madamina at 2:29 PM on January 13, 2010
--No idea if this is an issue in the areas you're targeting, but are there any potentially troublesome street people or "characters" that tend to come around? How about similarly difficult business owners who resent similarly positioned shops?
--What is the vacancy rate in the area? How long do storefronts stay in business/stay vacant when someone leaves?
--Look at the landlords in the area. Who are good and who are not so good?
--How late are nearby businesses open, and does that lead to enough walk-ins for their business to make it worth their while?
--If they are willing to share it with you, can you see how much they pay their employees? Some neighborhoods may pay more than others because of cost of living/swank factor.
--Where do most of their customers come from? There's a place here in town that thought it was perfectly placed exactly between the Capitol and the university to catch both groups, but sadly learned that it was too far (we're talking a block or two either way) for either.
posted by Madamina at 2:29 PM on January 13, 2010
How's the foot traffic? What's parking like?
posted by electroboy at 2:51 PM on January 13, 2010
posted by electroboy at 2:51 PM on January 13, 2010
This thread is closed to new comments.
posted by bitdamaged at 2:00 PM on January 13, 2010