Dollar Store Location is Critical to Success
Author: Bob Hamilton
The old adage about the most critical element for a retail store being location couldn't be truer. The importance of location is even more crucial in today's economic environment. In fact it is fair to say that your choice of dollar store location can literally determine your future success when opening a dollar store. Your location helps to determine the potential sale levels and even the profits for your business. Make the wrong choice and no matter how exciting and well-marketed your business, you are on a difficult path indeed. Don't let that happen to you. In this article I present 5 important considerations when making the location decision for your dollar store business.
#1) Area demographics
Carefully compile the demographics of the surrounding area. Start with an assessment of the immediate area. Then move out to 1 mile, 2 miles and finally 5 miles. This assessment is more than just a total number of people, or the number of households. Examine income levels, average number of occupants per household, and even the age. After all, while dollar stores appeal to all thrifty shoppers, your core targeted shopper is defined much more narrowly defined. A ready population of targeted shoppers will aid in quickly building sales for your business. Higher traffic and higher sales also combine to push toward profits as well.
#2) Surrounding businesses
When opening a dollar store look at the businesses immediately surrounding your proposed location. How long have they been open and operating? Is their traffic aligned well with the demographics you need for your store? Is there any direct competition? How many vacant spaces exist - how long have they been vacant? Factor this information in as you determine if this is a good location.
#3) Traffic count
Those opening a dollar store owe it to themselves to collect as much traffic information as possible. This includes information about traffic counts on major thoroughfares along the store, daily traffic into the parking lot and any data you can collect about traffic into close-by complementary businesses. Also verify there are no major roadway closures or construction projects planned.
#4) Store visibility
No matter how great the shopping center, a store that is hidden in a remote, dark corner will struggle. Make sure your store is easily seen by passers-by. Then don't allow any mistakes about the business you are in. There must be good signage space to make you even more visible to all.
Ease of entrance and exit is the place to start when it comes to your location decision. After all shoppers are not likely to welcome the need to drive down a block or more and then make a 'U turn' to come back for the light that allows them turn into your parking lot. Also examine signage allowances at entrances as well as parking spaces for your patrons. When opening a dollar store make sure there are parking spaces immediately in front of your store for the many shoppers who are looking to make a quick entrance, pick up a few items and then a quick exit.
To your success when opening a dollar store!
About the author: Learn how you can Start your own Dollar Store Business. Bob Hamilton is an entrepreneur, author, writer, business consultant and trainer. Visit our site at http://www.openingadollarstore.com/.
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