When it comes to choosing your next retail brick-and-mortar location, your number one priority should be the neighborhood. The area surrounding your potential site – at whatever radius level makes sense for your business model – can make or break your success. It’s not just about how many people and businesses are in the area, but also what type of people and businesses call it home.
Sure, The Neighborhood Matters, But…
Start with a data-driven approach to analyze the neighborhood. Look at demographics, income levels, competing businesses, and foot traffic patterns. This information will give you a solid foundation for your decision-making process. However, don’t stop there. Once you’ve narrowed down your options based on neighborhood data, it’s time to get boots on the ground.
Physically Inspect the Area Thoroughly
Drive the area, then walk it. This firsthand experience is invaluable. You’ll get a feel for the neighborhood that numbers alone can’t provide. Is it bustling with activity or eerily quiet? Does it feel safe and inviting? These are things you can only truly assess in person.
As you evaluate potential sites, be wary of falling into a common trap: becoming enamored with a location without taking a sober look at on-site factors. Sure, curb appeal is important: a visually appealing storefront can draw customers in. And yes, property dimensions matter – you need adequate building size, sufficient parking spaces, and appropriate on-site amenities for your business model.
But there’s one critical factor that many site selection teams overlook: accessibility, also known as ingress and egress. This can be easy to miss when other on-site and neighborhood factors seem perfect. However, ignoring accessibility can lead to disastrous consequences.
A Client’s Story
Let’s consider a real-world example. We had a client in the early 2010s who had chosen a location for their large venue entertainment concept adjacent to a sizable shopping mall. On paper, it looked great. The foot traffic from the mall seemed promising, and they’d done a thorough job vetting the site. The location even scored high on visibility, with signage visible from a nearby, well-traveled highway.
But there was a catch they didn’t realize until after signing the lease: while people could see the location from the highway, actually getting there was a nightmare. The venue was tucked behind the mall, requiring intimate knowledge of the shopping center’s labyrinthine parking lot – and the patience of a saint – to reach it from the highway. As a result, the location’s performance suffered significantly.
To avoid this pitfall, you must verify accessibility. Don’t just rely on maps or satellite images. Actually drive the area. Observe car and foot traffic not only around the location but also on the connector roads between major highways or freeways and the location’s entrance. Ask yourself:
- How easy is it to spot the entrance from main roads?
- Are there clear, logical routes to reach the location?
- Is there potential for traffic congestion during peak hours?
- For pedestrians, are there safe, convenient paths to your door?
Remember, even the most attractive location with the perfect demographic mix can fail if customers find it frustrating, time consuming or difficult to reach.
By prioritizing accessibility in your site selection process, you’ll save yourself from future headaches and heartache. Don’t let your dream location turn into a nightmare because customers can’t easily get there. Take the time to thoroughly assess ingress and egress – your bottom line will thank you.
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