Identifying your priority

As the old adage goes, the three most important factors in real estate are “location, location, location!” Deciding on a new location for your business is a HUGE step and narrowing down the priorities can be overwhelming. The first step is knowing your business and your clientele. Location and visibility can be top priorities if your business is dependent upon passing by traffic or walk-in customers. We are all familiar with these location; we stop in here to buy last minute needs, to shop for our coworkers birthday gifts, to even our our kids hair after they’ve cut it themselves. These types of industries are usually retail stores and retail services such as nail salons, or big box retailers. These industries can fly or die based on the customers ease of access to these stores and overall public awareness of these services. For these clientele, the top priority is location and visibility, followed by proximity to a competitor, parking accommodations and lastly-price. Have you ever been to a phenomenal restaurant that was hidden in some unknown alleyway? How about a nightclub that was in an industrial building? A top rated fitness studio in the basement of an office complex? These industries are referred to as destination locations, whereby customers travel for a specific product or skill type or experience. These clients often have a different set of site priorities. Clients may prioritize price, then space design and finally location. You see, these specialty shops have loyal customers that will follow them to any location. Visibility is not important to their success. That’s why knowing your business and understanding your customers are crucial deciding factors to site location. The goal of site location should be to enable your business to grow, whether that means selling more products or accommodating additional customers. Know your business, make a plan, choose a location and grow your company!