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Marketing IIB (Retail Management) Chpt.4 - Location
- Institution
- University Of The Witwatersrand (wits)
- Book
- Retail Management
Importance of retail location, retail location principles, and principles of tenant placement.
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Retail Management by ProfessorBurgerQueenLocation
Importance of Retail Location
- Place (of the 7Ps) - physical geographical site or access point for customers and
other stakeholders
● Determines the immediate customers exposed to the retailer.
● Helps ensure a successful undertaking and lessens the chance of retail failure
● The significance of the retail location lies in its impact on business accessibility to
potential customers.
● The chosen location influences foot traffic and store visibility.
● A well-chosen location contributes to a positive customer experience by providing
convenience to shoppers.
● Accessible retail locations are more likely to attract customers to the store.
- Reasons that the location element of the retail mix is less flexible:
- Normally subject to long-term investment in the property, or a long-term rental
or leaseback agreement.
- Expensive and time-consuming store development (installation of fixtures and
fittings, shop front renovation) and stocking.
- Cost of making a new address known to the target market.
- Problems associated with relocating:
- Loyal customers and employees may be lost
- Shop fixtures and fittings may not be suitable for the new location
The 7 Retail Location Principles
1) Adequacy of present market area potential
2) Accessibility of site to market area
3) Growth potential
4) Business interception
5) Cumulative attraction
6) Compatibility
7) Minimising of competitive hazard
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