Retail Site Selection Checklist http://competitionmap.co/Retail%20Site%20Selection%20Checklist%20.pdf

1. Retail Site Selection Checklist
Step by step guide for expanding
small and mid market retailers
PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121

2. Retail Site Selection Checklist
1. Setting Your Parameters
Description
The first step is to assess three basic components of your business expansion plan: First -
who is your target customer for the new location, and where are they coming from? Second, -
what factors will drive traffic to the site? Third - What risks and opportunities exist
surrounding this site compared to other potential locations.
Action Items:
❏ Identify what demographic variables define your target market (i.e. population density,
income bracket, age, number of households, etc.).
❏ Explore what new developments the area is expecting and how that will impact the
location
❏ Outline the competition and understand what anchor stores exist to help drive traffic
to our location
❏ Evaluate the performance and reach of existing locations to consider the potential of
cannibalization
❏ Gather the minimum requirements for automotive and/or pedestrian traffic counts
❏ Determine the number of parking stalls required for the location as it pertains to
seating and what direction of traffic will yield the greatest number of customers.
Opening a storefront location means you'll need to be within a reasonable proximity to where
your customers live. It's also important to identify underlying problems and expenses
associated with logistics of a particular location (proximity to the nearest warehouse, ease
of access for trucks for the area, etc).
PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121
Finding the right location for a small or mid-market retailer is a matter of determining what is
absolutely crucial and what can be safely compromised. There is a lot riding on this
important decision, and with so many factors to consider, it seems overwhelming every time
the decision needs to be made. Below is a simple checklist that will help you find the right
location for your business to grow, but first a few words about PiinPoint.

3. Retail Site Selection Checklist
2. Collect the Necessary Data
Description
After developing a clear, detailed picture of your target customer for the new location and
setting boundaries based on the needs of your business, the next step is to locate the
specific areas (known as “trade areas”) that are right for your business.
What data you will need:
❏ Population counts and other demographic statistics for the areas of interest (Does
your target market live in the area and what is the percentage? Will customers be
willing to travel to your store and be able to do so conveniently?) What is the
minimum number of people you require to be successful?
❏ Relevant consumer expenditure statistics: target market in that area actually spend
on the goods/services related to your offering)
❏ Competition map and saturation areas (What is the competition density of the area? .
How much market share can you achieve? What side of the street is your competitor
on? What is their visibility like compared to your potential site?
❏ Labour availability (Remember that it's not just the customer you'll need to consider
here. The available labor force is also important - will you be able to attract the kinds
of employees you'll need?)
❏ Logistics of the supply chains, goods delivery, etc. (How close will you be to key
distributors and suppliers?)
Where to get free data:
As a small or mid-market retailer searching for free data there are a number of options. What
must be noted is that these sources will not always provide the most up to date information
and therefore may not provide an accurate depiction of your candidate location. These sites
include: ZoomProspector.com, City-Data.com, and freedemographics.com.
PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121

4. Retail Site Selection Checklist
Find Available Commercial Real Estate Within Your Budget
Description
Now that you've come up with a list of promising locations for your business, it's time to find
out what is available. Developing good relationships with the right real estate brokerage /
agent - someone you can trust and who really knows the market - will be a big help, as will
your own common sense and attention to detail.
Now that you've come up with a list of promising locations for your business, it's time to find
out what is available. Developing good relationships with the right real estate brokerage /
agent - someone you can trust and who really knows the market - will be a big help, as will
your own common sense and attention to detail.
A robust strategy and budget will help to narrow your choices effectively - shopping malls
can provide a visible profile and lots of foot traffic, but will the higher rent fit into your
budget?
PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121

5. Retail Site Selection Checklist
Compare the Available Real Estate Options
Description
There are many factors to consider regarding each available location, and much will depend
on the specific nature of your business.
Here are some important general questions to keep in mind:
❏ Is the area zoned for the type business you want to open?
❏ Will you be able to establish a good working relationship with the landlord?
❏ Is the neighborhood safe?
❏ Is the facility itself in good condition? Will repair work be necessary?
❏ Does the facility have the right layout? If you need to expand, will you be able to?
❏ Will there be enough parking for your customers? Is public transportation nearby?
A lot of hard work and careful consideration goes into finding the right location for your
business expansion. Keep in mind, though, that none of those details will matter if your
customers can't find you or the rent is more than the sales forecast can cover. Put in the
time and the effort now to find the best location and give your new business location the
strong start it deserves.
PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121

6. PiinPoint Overview
About Us
PiinPoint is a location intelligence company that helps analyse, validate and market
retail real estate. Create, print and share elegant demographics reports with beautiful
maps in just a few clicks. Using the most accurate data available in real time, PiinPoint
makes site selection and sales forecasting easy.
Benefits of PiinPoint
PiinPoint was created for retailers looking to innovate, differentiate and optimize their
real estate decisions. Go beyond just showing executives a static map with basic census
data. PiinPoint gives you the power to perform advanced sales forecasting and trade
area analysis, and display your results on high resolution maps with professional quality
reports. Whether you’re evaluating a site, in the middle of an executive presentation, or
out in the field on a site tour, PiinPoint offers a simple and easy to use solution
requiring no IT involvement.
Save time evaluating new stores
for expansion or relocation
Improve sales accuracy and
financial performance
Increase your
competitive edge
Find and attract more
customers
Enhance collaboration
and cut costs
Leverage real time, data-
driven decision making
PiinPoint | 151 Charles St. West, Kitchener, ON | E: info@piinpoint.com | P: 416.721.9121