Store mgt
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Deciding on the optimal location for a new retail store is a critical decision that impacts the retailer's success. The location is one of the least flexible elements and choosing the wrong site can irritate shoppers. The process involves evaluating the current and future characteristics of geographic areas in terms of residents, offices, commercial activity, and existing retailers to determine the best type of site. A trade area analysis is then conducted to understand primary, secondary, and tertiary shopping zones. Key factors to consider include the infrastructure, economic and housing profiles of an area as well as competition levels to identify saturated, understored, or overstored trade areas. The retailer must also analyze shoppers' profiles and the specific site characteristics including whether it is in
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Store Locations
1) Location is an important factor for retailers, as around 90% of retail sales occur in stores. Selecting the right market area and specific store location requires extensive decision making.
2) Retailers must understand their target customers and competitors' customers to select the best market and location. Demographic and geographic factors like population characteristics, transportation access, and local interests are important.
3) Various analytical tools can be used to evaluate potential trading areas and select optimal store locations, including trading area analysis, gravity models, and indices of retail saturation. Factors like population, income, competition, and travel time influence what locations will be most successful.
Retail site locations
This document discusses factors retailers consider when selecting store locations and evaluating trade areas. Key factors include economic conditions, competition, fit with the target market, and operating costs of the area. When evaluating a specific site, retailers examine characteristics like traffic flow, location, and costs. They also analyze the trade area to understand customer demographics, size of the primary trading zone, and sales potential. Common tools used include census data, GIS mapping, and models like Huff's gravity model or regression analysis.
Trading area evaluation methods and location selection
This document discusses methods for evaluating potential retail trading areas and locations. It outlines four main steps: 1) evaluate geographic areas based on residents and competitors, 2) determine if an isolated store or shopping center is best, 3) select a location type, and 4) analyze specific sites. Key factors to consider include population characteristics like size, income, and demographics, as well as economic base, competition, transportation access, and property costs. Trading area analysis helps understand customer demographics, promotional opportunities, competition overlap, and ideal number of outlets. The benefits are discovery of ideal locations and trading areas.
Trading area evaluating methods-location selection
1. Trading area analysis is important for retailers to evaluate when selecting a store location. It examines factors like population characteristics, economic base, and level of competition in a geographic area.
2. Choosing the right location is complex but can help a retailer succeed by compensating for other weaknesses. Key factors to consider include population size and traits, transportation access, and competition.
3. The process of selecting a store location involves evaluating trading areas, determining whether to locate in an isolated store or shopping center, and analyzing specific site options. This helps discover customer demographics and assess competition and promotional opportunities.
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Choosing the right location and layout is important for businesses. Key factors to consider for location include target markets, suppliers, transportation, and operating costs. Geographic information systems can help analyze spatial relationships. Retail locations should consider trade area size, competition, and customer traffic. Effective layouts organize the physical space to increase efficiency and productivity based on business needs. The right location and layout can boost sales and operations.
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Module 2
STORE LOCATION & LAYOUT
BY Jayanti R Pande
Market segmentation by hmftj
This document discusses market segmentation and the bases for segmenting consumer and business markets. It defines market segmentation as dividing a market into homogeneous groups based on factors like wants, resources, locations, and buying practices. Criteria for selecting market segments include being measurable, accessible, durable, substantial, and having unique needs. Consumer markets can be segmented geographically, demographically, psychographically, and behaviorally based on variables like age, income, interests, usage, and more. Business markets can also be segmented using these variables but also consider factors like company size, industry, purchasing approaches, product usage, and location.
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The document discusses various types of retail store locations including freestanding/isolated stores, business districts, and shopping centers. It describes factors to consider when selecting a retail location such as market size and demographics, competition, transportation access, and property costs. The document also outlines different types of shopping centers like neighborhood centers that serve local areas and regional centers that attract customers from a wider region. Key decisions for retailers include assessing the trade area, traffic patterns, and estimating whether a location can generate sufficient sales.
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Retailing and supply chain management module discusses retailing management. It defines retailing as activities that add value to products for final consumer use. Retailing involves sorting, holding stock, and providing additional services. The evolution of retailing in India saw the emergence of organized retailers in the 1990s due to liberalization. Retail organization structure involves specifying tasks, grouping them into jobs, and developing organizational charts. Strategic retail planning follows developing a retail value proposition and deciding the retail mix.
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Store mgt
- 2. Critical Decision • Helps the Retailer to suceed if the strategy mix is appropiate. • Least Flexible Elements(High Risk Decision, Shoppers get irritated) • Store Inherits all the character from its location
- 3. Process…… Current and Future of the area • Evaluate geographic areas in terms of residents, offices, commercial settlements and existing retailers • Determine the type of site • Evaluate all the alternatives
- 4. Trade Area Analysis • Primary Zone ( Area Closest to the Zone , posses high density, and highest per capita sales) • Secondary Zone (widely dispersed) • Tertiary (Occasional Shoppers )
- 5. Factors to be considered ….. • Geographical Area :Infrastructure, Economic activities, and housing patterns , density of population, source of income, housing facilites, Physical barriers, economic barriers, psychological barriers, racial barriers , other cost..)
- 6. Factors to be considered • Competition : Absence and presence (number size , distribution, rate of new store opening , cycles and levels of saturation) Saturated Area Understored trade area Overstored area
- 7. Factors….. • Shoppers profile • Analyze the site.. Store type Unplanned disrict Planned District Economies of scale Legal isssues(zoning,rent,taxation