Property review checklist
Rate a commercial location against the fundamentals that drive a successful business site.
Your location should be easy to see and effortless for customers to find.
A prominent sign will show customers you are here and ready to do business.
The location should be easy to get to and from roadways, streets, and/or mass transit.
For suburban drive live/work/shop areas, take into consideration lights by roadways, turns available into your location, and curb cuts for easy access.
For city pedestrian traffic, proximity to mass transit and major street/avenue intersections are an advantage.
Make sure your location has sufficient and conveniently located parking by the front of your store or office.
If in a shopping center situated by a gym or another establishment where patrons might stay in parking spaces for hours, request designated spaces for your individual business by your entrance.
A "RETONE" is proprietary software outlining the community's primary shopping district. It is designated in gray overlay on the mapping page when selected. RETONE digitally computes travel time and distance to establish an area from which the majority of retail customers are most likely to come.
In order for a small business to be successful, RETONE should reveal demographics of a customer base likely to buy your product. For example, if you are selling baby products, you will want a large population of new families with babies in your RETONE.
Generators are neighboring establishments and points of interest likely to generate customers into your store. For example, if you are opening a coffee shop in NYC, locating by a subway station with thousands of people passing by on their way to work — as indicated by high weekday morning turnstile counts — will be an advantage for selling coffee.
Additionally, the demographics of people who live and work in the RETONE have the highest potential to become customers throughout the day and weekend.
These are businesses within your location's RETONE that will compete for your customers' dollars. In order for your operation to outperform other similar types of businesses in your shopping district, your location should have higher visibility and be more easily accessible than the neighboring competition. Your product should also be of better quality and sold at a competitive price point. It pays to study your competition carefully.
In order for your location to be successful, you will want good visibility, big and bright signage, easy accessibility, and strong demographics that support your business concept. It is a big advantage to make a realistic review of your generators — businesses who may bring customers to your establishment.
Equally important is the evaluation of your competitors — businesses who will compete for client revenue. With these tools and market intelligence, you can structure your business for maximum success.