When starting a new store business or opening a branch, choosing an ideal location is crucial. A good location can sometimes directly affect the success of the business.
These five key shop location selection points will help you find the ideal shop location, allowing you to attract potential customers more accurately and drive shop business.
1) Business selling point
First, you need to figure out what the selling point of your business is. These are the unique features and benefits of your business that attract customers. Consider the following questions:
– What is special & unique about your product or service that can attract consumers?
– What is your brand culture and values?
– What is your pricing strategy?
– What is your market positioning?
Understanding the selling points of your business will help you choose a store location that best showcases and leverages those selling points.
2) Target consumer groups
It is crucial to clearly define your target consumer group. Different geographical locations may have different population compositions. Consider the following questions:
– What kind of audience is suitable for your product and service?
– Where do these groups of people work or live?
– What are their spending habits?
Understanding your target consumer group will help you choose a shop location where you can easily reach your potential customers.
3) Competition and opportunities in the business district
Researching the competition and opportunities in your chosen business area is essential. Consider the following questions:
– Who are their competitors?
– What are the selling points of these competitors?
– Is there an unmet market need?
Understanding the competition and opportunities in a commercial area will help you determine whether you have a chance of success in that location.
4) Business district planning (clearly identify population gathering points)
The planning of commercial areas is crucial to the selection of shop locations. Consider the following factors:
– How is the accessibility of the business district?
– Are there enough population centers, such as residential areas, office buildings, schools, etc.?
– Will the nearby morning market or night market affect your business?
Understanding the planning or development of a shopping area can help ensure that your store can remain competitive in the future.
5) Business needs for stores
You need to consider the specific needs of your business for your store. Consider the following questions:
– How much is the size you need for production or service needs?
– What is your rental budget?
– Are there any specific requirements for a shop location? (For example: there must be enough parking spaces)
Knowing your store needs will help you narrow down your options and find the most suitable shop location.
We at Bizlocate also use the above five key points for shop location selection and have successfully assisted more than 320 merchants to find their ideal shop location.
Bizlocate, a team dedicated to helping you find the right place to open your store!
If you want to know more about a suitable shop location for your business, you can contact us directly and tell us your needs.
We will appropriately screen out suitable shop locations based on your business needs and list them for you based on the above key points.
In addition, we have covered the 4 Hotspot Areas in KL , providing merchants with more than 488 store options!!
Setapak
Sentul
Jalan Ipoh
Chow Kit
Bizlocate, Business Location Solution Provider | Specialized in assisting businessmen who want to open a store to find a suitable store location
Website: https://bizlocate.com.my/
Phone: +6010-222 0400
WhatsApp: https://wa.link/uq6cn1