With Shopify’s mobile POS, you can serve customers anywhere in your store and banish lineups at the checkout counter. Use any smartphone or tablet to process returns and exchanges, accept payments, and check out customers wherever they are. Show
Email addressStart free trial Community engagementThe COVID-19 pandemic shook up the way consumers engage with brands. One of the most notable shifts was toward localism—preferring and buying from nearby brands that support the local community. Some retail locations have a greater sense of community than others. For example, independent stores in downtown areas are likely to have more local engagement than big-box retailers in busy malls.
Treat your physical location as a hub for supporting the local community. From partnerships with other retailers to participating in events, choosing a retail location near where the action happens puts your store in a better position to contribute. Supply chain implicationsA retail location isn’t just a space to meet new customers. Use the stockroom inside your new location as a storage and fulfillment hub.
The retail location you choose has an impact on how fast inventory comes in and out. It’s harder for suppliers to deliver stock to some areas, like busy malls with shared unloading bays and tiny storage shelves. On the other hand, fulfillment strategies like buy online, pick-up in-store don’t work if your store isn’t located in an area already part of your customer’s habits. Types of retail store locations
Now that we know the importance of choosing the right space, here are six retail locations to consider when opening your next store. Brick and mortar retailBrick-and-mortar retail is the most traditional type of physical location. Also known as freestanding or anchor stores, it’s a type of building used by retailers to connect with customers in their own premises. Pros of brick-and-mortar stores
Cons of brick-and-mortar stores
Mall spaceA shopping mall is a place where customers come to shop. Usually spanning millions of square feet, they feature numerous stores—from big-box retailers to independent stores—all under one roof. Pros of mall space
Cons of mall space
Shopping centersA shopping center is a busy building where people come solely to shop. Also known as a strip mall, it can have up to 20 physical stores—including restaurants—situated in a single area. Pros of shopping centers
Cons of shopping centers
Business parksA business park is an area often used as headquarters for businesses. On some, you’ll find industrial plants and warehouses. But these units can be a great spot to expand your retail business. Pros of business parks
Cons of business parks
DowntownDowntown is the main business and commercial area of a town or city. Many merge retail buildings with residential, such as retail units beneath high-rise apartments. Pros of downtown
Cons of downtown
Home-basedThere’s a lot that goes into finding a retail location. If you’re still unsure about which is best for your business, consider setting up shop in a place you already have: your home. Pros of home-based retail
Cons of home-based retail
Let’s put that into practice and say you’re a coffee shop looking for your next retail location. Opening a store within a busy shopping center or mall space might sound like the perfect location, since you’re exposed to casual shoppers. But opting for business park units could be a smarter strategy. Not only is rent likely to be cheaper, but customers commuting to work can pick up their morning coffee without too much disruption to their daily routine… Especially if there’s space for a drive-thru lane. 💡 PRO TIP: Set up local pickup in Shopify to start offering in-store pickup as a delivery option at checkout. Pay less on last-mile delivery, speed up fulfillment times on local orders, and drive more foot traffic to your stores. Retail locations in busy areas often come with a heavy price tag. That doesn’t mean you need to rule them out altogether. Reduce the size of your store—and therefore the square footage you’re paying for—with omnichannel retail strategies like showrooming and endless aisles. In both cases, a shopper visits your physical store and browses a small selection of products. But instead of immediately taking the item home with them, customers either:
💡 PRO TIP: Encourage store staff to send the carts they save to no-shows by email at the end of their shift. This is an accessible way to recover abandoned store sales and attribute more revenue to your store–even if the transaction happened online. Find the right location for your retail storeThe process of expanding your retail business is a daunting one. Whether you choose downtown or a shopping center, use these tips to secure the best spot for your next store. Remember: the goal is to best position your store to capture potential customers in the local community. Sell online and in-person with Shopify Shopify POS is the easiest way to unify ecommerce and store sales and data. Have all the tools you need to manage inventory, track performance, understand customers, and sell everywhere in one easy-to-understand back office. Email addressStart free trial About the authorElise Dopson Elise Dopson is a freelance writer for leading B2B SaaS companies. She teaches everything she knows through Peak Freelance. Topics: Open a Retail Store Grow your retail businessGet exclusive behind-the-scenes merchant stories, industry trends, and tips for creating standout brick-and-mortar experiences. Which type of store competes on the basis of low price and high volume quizlet?Specialty stores compete on the basis of low prices, high turnover and high volume. Suggestion selling by sales or service associates should always help shoppers recognize true needs rather than sell them unwanted merchandise.
When evaluating the performance of a retailer what is the best financial?Your net profit margin (aka bottom line) is THE most important financial KPI for any business, retail or not. It measures how much money you are making relative to revenue. The higher the number the more profitable you are.Net Profit Margin = (Net Income/Net Sales) * 100%
Which of the following is a typical store layout design used by drug store retailers?Grid. The most common retail store layout design is the grid, as seen in grocery stores, supermarkets, pharmacies, and many more. In a grid layout, retailers arrange products into densely-packed aisles that customers browse at their leisure.
Which of the following best describes retail selling quizlet?Which of the following best describes retailing? It is the set of business activities that adds value to the products and services sold to consumers for their personal use.
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