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Questions and Answers
What is the main goal of retailers when it comes to business?
What is the main goal of retailers when it comes to business?
- To evaluate site location
- To focus on sales floor space and adequate parking
- To sell merchandise (correct)
- To create an image that draws in customers
What type of retail location provides a high amount of foot traffic?
What type of retail location provides a high amount of foot traffic?
- Home Office
- Commercial Building
- Mall Space (correct)
- Office Space
What is one of the demographic factors considered in evaluating a retail site location?
What is one of the demographic factors considered in evaluating a retail site location?
- Number of competitors
- Cost effectiveness
- Median household income (correct)
- Rent per square meter
What is an important issue to consider when evaluating a retail site location?
What is an important issue to consider when evaluating a retail site location?
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What is a characteristic of a retail site considered in its evaluation?
What is a characteristic of a retail site considered in its evaluation?
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How are commercial leases usually negotiated?
How are commercial leases usually negotiated?
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What is a micro factor affecting retail location decisions?
What is a micro factor affecting retail location decisions?
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Why is evaluating a retail site location important?
Why is evaluating a retail site location important?
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Study Notes
Retail Location
- A retail location is a space leased for selling goods to consumers, with the primary goal of selling merchandise.
Types of Retail Locations
- Frequented spots, such as malls, attract foot traffic and provide opportunities for sales.
- Commercial buildings, office spaces, and small office/home offices can also be retail locations.
Micro Factors Affecting Retail Location Decisions
- Demographic factors, including age, family size, education level, and income, influence retail location decisions.
- Economic factors, subculture, demand, market potential, sales potential, and retail saturation also impact location decisions.
- Infrastructure is another crucial micro factor to consider.
Evaluating Site Location
- Choosing a site is a critical decision, and local demographics, including median household income, average age, family size, and education level, must be considered.
Major Issues in Evaluating Location
- Connectivity and ease of traffic flow are essential for a retail location.
- Parking facilities, cost-effectiveness, and the presence of competitors are also major issues to consider.
Site Characteristics
- Physical characteristics of a site, such as area, shape, soil and ground conditions, typography, and access, must be evaluated.
Rent and Leases
- Commercial leases are typically negotiated on a per-square-meter basis.
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