When opening a store, many people focus primarily on the lease price and overlook the importance of the store's location. This can lead to attracting the wrong clientele or not enough customers, ultimately affecting the business's success and growth.
Choosing a location based solely on lease price can result in:
Pain Points
- Difficulty in attracting the right clientele
- Slow customer traffic leading to lower sales
- Longer time to reach break-even point
- Hindered long-term growth due to poor location choice
Hey y'all! I wanted to make a small post because I see people struggling with this issue daily. When people look for a store location, it's very easy to just compare leases, pick the best price, and call it a day. But there's one thing that often gets forgotten. Where exactly is it located ? You can have two stores on opposite ends of a street and they'll attract wildly different visitors. When you open a location (store, restaurant, coffee shop, thrift store, ...), start by asking yourself who is actually going to be your clientele. Is it going to be students ? Then look for a lease near a university. Is it going to be stay at home moms ? Then look for a lease near a target or a kindergarten. Location is unfortunately one of those early decisions you can't go back on, yet it's one of the most important factors in how quickly you reach your break-even point and your long-term growth.