In a previous article, several key factors were highlighted when choosing a retail unit to set up shop in. These primary reasons touched on demographics, types of business and competition.
Here are several secondary factors to consider when making that all-important decision.
Attracting talent
Does the business require a lot of workers? Will it need a lot of menial workers or staff with specialised knowledge?
Having a retail unit with great connectivity will help in this regard. Being close to a train station or having a great public transport network will make it easy for the business to hire the requisite talent.
Access to vendors and suppliers
The best retail location is one where it is easy for you to connect with your vendors and suppliers. Otherwise, you may experience significant delays or run into frequent issues with inventory levels.
When picking your retail location, consider the option that makes it cheaper and easier to access the raw materials.
Safety
If your business deals in a lot of cash transactions, it would be good for it to be in a bright and busy location, preferably close to financial institutions for easy banking.
It would also make staff feel safe that the retail space is not in a dimly lit and secluded corner. Besides, having a safe environment will make the visit to the store a far more pleasurable experience.
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