Article Number : 2625 |
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| Date | 10/29/2007 9:09:17 AM |
| Written By | LGM & Associates Technical Flooring Services |
| View this article at: | //floorbiz.com/BizResources/NPViewArticle.asp?ArticleID=2625 |
| Abstract | By Sarah Zimmerman (First of two parts) Have you ever wondered what attracts you to a specific store? Is it the convenience, the friendly staff, the surrounding area, the massive product selection, the décor? These are all concerns retail business owners face daily when building, running and expan |
| Article | By Sarah Zimmerman (First of two parts) Have you ever wondered what attracts you to a specific store? Is it the convenience, the friendly staff, the surrounding area, the massive product selection, the décor? These are all concerns retail business owners face daily when building, running and expanding their stores. And when it comes to operating a successful retail business, two key elements seem to surface at top of mind: location and the in-store experience. “Location is crucial in retailing,” said Alan Woody, store manager of Carpets by Otto in Holland, Ohio. “And the in-store experience sets the tone for everything that follows.” Bob Tobe of FLOOR 360 in Madison, Wis., echoed Woody. “The three most important things in real estate are location, location, location.” He added once you have attracted the customers to your store, their experience must match the expectations of the building and marketing image. Also in agreement, Len Zimmerman, president of Classic Carpets & Interiors in Greenville, S.C., said store location is extremely important toward developing a healthy flow of retail, builder and commercial customer traffic. “A highly visible storefront on a well-landscaped property and attractive signage will be capital well invested for present as well as future returns.” So, what makes a location prime? And, what expectations do customers have once they enter your business? FCNews got some answers from retailers in this two-part discussion. Location, location, location “The perfect location would be defined as the heart of the most desirable retail shopping area in your particular city,” Zimmerman said. He suggested, however, since these properties are many times very pricey, locating your store on a nearby street will also work, and the price of real estate should be less expensive. Woody came to the same realization when he was faced with missed opportunities due to his location. “Our existing store was in a busy part of town and had good traffic, but it was not in a retail setting and far removed from the booming suburbs.” So, to reach those surrounding areas, he decided to build a new state-of-the-art showroom at an upscale outdoor shopping center being built at the edge of the suburbs south of Toledo, which turned out to be “the perfect spot for a store like ours. The developer was specifically looking for a mix of national and local retailers, so our store is within walking distance of national brands such as Arhaus Furniture, Ann Taylor and The Bombay Company.” Woody noted this sort of positioning enhances his already strong local brand image and gives his customers even more confidence in their choice to visit the store. FLOOR 360’s Tobe also realizes the advantages to and qualifications of a “key location.” He said a high-traffic, visible and upscale location was important to build Floor 360’s image and success. He noted from an advertising perspective, the exposure of an attractive building in a high-traffic area is much more effective than an advertising billboard. “Economically, the cost of an ‘A’ building site packaged into the overall mortgage of the building is far less costly than the monthly payment of an outdoor billboard and way more effective.” Tobe also pointed out, if your location is easy to find and in a recognizable area—I drive by it on my way to work every day—the customer deciding where to go will probably stop first at the “top-of-mind” location. Woody felt the same when building his most recent retail store. “Our showroom is located at the outside edge of the development—which is adjacent to an expressway—giving us excellent visibility from one of the busiest roads in the area.” (Editor’s note: Is your store male or female? Part 2 discusses the importance of the in-store experience and how your décor and atmosphere affect sales.) |