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Chapter 7 retail locations ppt

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Chapter 7 retail locations ppt

  1. 1. Presentation by Shaina Lacher, Milton Law, and Matthew Sullivan
  2. 2. Retail Locations: Chapter 7 Section 3: Other Locations, Location and Retail Strategy, and Legal Considerations Matthew Sullivan
  3. 3. Questions:* What types of locations are available to retailers?* What are the relative advantages of each location type?* Why are some locations particularly well suited to specific retail strategies?* Which types of locations are growing in popularity with retailers?
  4. 4. The Importance of Store Location- Store location is most often the first consideration in a store choice- Having a good location increases chances of developing a strong sustainable competitive advantage- Location decisions can be risky and should be well-thought out
  5. 5. Process of Choosing Particular Locations - Size of the trade area - Occupancy cost of the location - Pedestrian and vehicle customer traffic location - Restrictions on operations by property managers - Convenience of location for customers Trade area: the geographic area that encompasses most of the customers who would patronize a specific retail site
  6. 6. Section 1 - Types of locations- Unplanned retail locations Milton Law
  7. 7. Types of Retail Locations- Freestanding Sites such as outparcels and merchandise kiosks- City or Town Locations such as central business districts, main streets, and inner city locations
  8. 8. Advantages and Disadvantages of Freestanding Locations- Convenience for customers - Limited trade area when not around nearby retailers- High vehicular traffic and visibility - Higher Occupancy costs that strip centers- Modest occupancy costs - Usually located where there- Separation from competition is little pedestrian traffic
  9. 9. Freestanding SitesRetail locations for an individual, isolated store unconnected to other retailers Outparcels Merchandise Kiosks
  10. 10. Merchandise kiosksSmall selling spaces, typically located in the walkways of enclosedmalls, airports, train stations, or office building lobbies.
  11. 11. Market Analysis Model
  12. 12. City or Town Locations- Lower occupancy costs - Traffic is limited due to- Higher pedestrian traffic congestion - Parking problems reduce consumer convenience
  13. 13. Central Business Districts (CBD)- Draws people during - High security requiredbusiness hours - Shoplifting- Heavy public transportation - Parking is poor- Pedestrian traffic - Evenings and weekends are- Residential area as well slow
  14. 14. Main Streets vs. CBD’s- Occupancy costs are generally lower than CBD’s- Fewer people are employed- Smaller selection due to fewer stores- Range of entertainment is usually smaller- City planning sometimes restrict store operations
  15. 15. Inner CityHigh density urban areas with higher unemployment and lower median incomes than surrounding areas - Retailers here achieve higher sales volume and higher margins, thus producing higher profits - Redevelopments in inner cities can cause increased traffic and parking difficulties, causing them to be controversial
  16. 16. Section 2- Shopping centers Shaina Lacher
  17. 17. - Convenient locations - Limited trade area- Easy parking - Lack of entertainment- Low occupancy costs - No protection from weather
  18. 18. Power Centers Consist primarily of collections of big box retail stores- Target- Costco- Lowe’s- Sports Authority- Toys “R” Us
  19. 19. Shopping MallsLess than 1 million square feet More than 1 million square feet
  20. 20. Shopping Malls- Wide variety of stores - Occupancy costs are- Wide assortment of generally higher merchandise - Mall control over business- Shopping and entertainment operations- No inclement weather - Competition can be intense- Uniform hours of operation- Attracts many shoppers
  21. 21. Enhancing the Mall Experience - Common areas - Family lounges - Great food - Playgrounds - Entertainment
  22. 22. Mall renovations and redevelopment
  23. 23. Lifestyle Centers Shopping centers with an open-air configuration of specialty stores, entertainment, and restaurants with design ambience and amenities- Ease of parking - Less retail space- Relaxed open-air - Smaller trade areas environment - Attract fewer customers- Pedestrian traffic tends to be higher- Occupancy costs and operating restrictions are less
  24. 24. Fashion/Specialty Centers- Tiffany- Gucci- Max Mara- Giorgio Armani- Tommy Bahama’s
  25. 25. Outlet Centers- Strong entertainment component- Becoming more popular outside the United States- Tourism is important for outlet centers
  26. 26. Theme/Festival centers- Located in places of historic interests or for tourists- Anchored by restaurants and entertainment facilities- Generally targeted at tourists, they may also attract local customers- A common element of these centers is entertainment, although some rely solely on the shopping experience
  27. 27. OmnicentersOmnicenters are becomingmore popular in the U.S.partly from the desire oftenants for lower common-area maintenance chargesand the growing tendencyof consumers to cross-shop.
  28. 28. Mixed Use Developments- Offer an all-inclusive environment so that consumers can work, live, and play in a proximal area- Combine several different uses into one complex, including shopping centers, office towers, hotels, residential complexes, civic centers, and convention centers
  29. 29. Section 3 - Other Locations- Location and Retail Strategy - Legal Considerations Matthew Sullivan
  30. 30. Other Location Opportunities - Airports - Temporary or pop-up stores - Resorts - Store within a store
  31. 31. Airports- High pedestrian traffic- Sales per square foot are higher than mall stores- Rent is higher- Hours are longer- Inconvenient location for workers means higher wages
  32. 32. Temporary Locations (pop-up stores)- Good for businesses trying to create a little hype- Good introduction for new stores or products- Provide visibility for a business- Provide additional sales during holidays and special events
  33. 33. Resorts- Captive audiences- Wealthy customers- People with time on their hands
  34. 34. Store within a store- This concept benefits both companies to attract more customers- Helps fill holes in product offerings
  35. 35. FarmvilleBusinesses take advantageof locations wherecustomers are, like theinternet and online games,and provide them withalternative ways to spendmoney
  36. 36. Location and Retail Strategy - Shopping behavior of consumers - Size of Target Market - Uniqueness of Retail Offering
  37. 37. Shopping Situations- Convenience shopping- Comparison shopping- Specialty shopping
  38. 38. Convenience Shopping- Wants to exert little effort to acquire product or service- Wants convenient location- Less concerned with price- No hassles
  39. 39. Comparison Shopping- General idea about product or service- No strong brand preference- No strong retailer preference
  40. 40. Specialty Shopping- Knows what they want- Accepts no substitute- Strong loyalty to product or brand
  41. 41. Size of Target Market For most retailers, the size of the target market and the location of the highest density of their target market will help determine where their business should be located.- Estimate max # of customers eligible to purchase product or service- Estimate percentage of potential customers- Estimate # times customers could purchase the product or service in a year- Estimate highest density of target market
  42. 42. Uniqueness of Retail Offering- Location doesn’t matter as much because the product is that important or unique
  43. 43. Legal Considerations- Above ground risks - Sign restrictions- Hazardous materials - Licensing requirements
  44. 44. Environmental Issues
  45. 45. Zoning and Building Codes

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