A great location has high traffic counts. By car, by train, by rickshaw, by scooter, by foot or by bicycle, a great location needs lots of traffic to be successful. Lots. In an ideal situation, the traffic is constant. It is possible for a business to be successful with intermittent consumer visits and even cyclical ones. Beach and mountain retail environments function within this paradigm. It is, however, preferred that consumers frequent a retail location on a regular, high-volume basis.
A great location has low insurance costs. It seems that every day there are new ways to insure assets. Once upon a time, you could only insure property. Now, you can insure ideas, your nose, your pet, etc. So, we all know that we need to have insurance. That's a given. The cost of that insurance is what varies across state, county, municipal and even neighborhood lines. I won't attempt to illustrate an actuarial table in this post. I will tell you that the way that insurance prices are cal
A great location is adjacent to a bus stop. Public transportation is vital to the economic success and stability of every city in the U.S. The combination of light rail, subway systems and buses provide people with extremely valuable and affordable travel and commuting options. And while some cities don't have an above-ground train system, like 'the L' in Chicago or an underground subway system like the 'Metro' in New York, nearly all major U.S. cities have a public busing authority. Most
A great location is well landscaped. Employees and customers are much happier spending their time working or shopping in a great location that includes a nice environment. It is normal to think that the interior space is most important. It's understandable that people believe that since employees and customers will spend a great deal of their time within the interior of a commercial space. Even if that's true, prudent investment in exterior spaces can yield significant tangible returns to a l
A great location has great ingress/egress. The only thing worse than not being able to get somewhere that you want to go, is being stuck somewhere that you want to leave. I've felt trapped too many times at a restaurant after a fantastic meal when it takes the waiter more than ten minutes to bring the check after they've cleared the plates from our cheese service. What is taking so long???!!! It's almost as bad as waiting for 15 minutes on the front in when you've made a reservation. Custo
A great location has great street front visibility. If they can see it, they will come. That may not always be true but great visibility increases your chances. Without a doubt, there is a huge cool factor when you are introduced to a great restaurant, speakeasy, interior design firm, jerk chicken shack or lobster roll place that is in some out of the way, obscure location. Personally, I love finding great retailers tucked away in the midst of an industrial district a few blocks away from
A great location is well merchandised. There's a national chain of ice cream stores that offers over 30 flavors. The chain generally has friendly staff, good, not premium ice cream, there's no 'fro-yo', no gelato, but without a doubt, it is one of America's historically recognizable brands. What has made it so successful? At the retail district, shopping center and individual store level, merchandise selection is supremely important to long-term success. There was a time in the U.S. when m