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Attract the Right Job Or Clientele:
Six Things To Remember When Moving Your Retail Store
Our collaborative blog provides ‘six things to remember when moving your retail store.’
There are numerous factors to consider when deciding whether to move your retail store to another location or stay put. The most important factor is probably the state of the economy and the health of the retail sector.
Speak with your employees beforehand to avoid the sudden dash of many leaving. Acknowledge potential inconveniences and do what you may to provide assurances that you will do your best on their behalf. Should suggestions come your way, listen to consider the validity of each.
If the overall market is struggling, moving to a new location may not make sense, even if it seems like a good opportunity. However, if the market is strong and you’re simply outgrowing your current space, a move could be a great way to increase sales and, grow your business, save money on LTL freight shipping.
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Moving Your Retail Store
The Cost Of Moving vs. The Potential Increase In Sales:
Carefully consider the costs of moving, including any necessary renovations or build-outs at the new location, and compare them to the expected increase in sales. There’s no point in spending more money on a move than you stand to gain in increased sales.
The Convenience Factor For Your Customers:
If your current location is convenient for your customers, it may be worth staying put, even if it means sacrificing some sales growth. After all, it’s much easier to keep existing customers than it is to attract new ones. Instead of moving, you could change your currency store’s layout or add more interest by using glass display cabinets from Luminati, for example. It might be easier to do this – and more effective – than to move, so it’s certainly worth considering.
The Impact On Your Employees:
A move can be disruptive for your employees, so consider their needs. Confirm they know the relocation well and do what you can to make the transition smooth.
The Timing of the Move:
You’ll need to carefully consider the timing of a move when it would be most convenient for your customers, and when it would be easiest for your employees. For example, moving during busy times like the holiday shopping season is generally not good.
Your Lease Situation:
If you’re currently leasing your space, include that in your decision. It may be more expensive to break your lease early, but it could also be more costly to stay put if your landlord raises the rent after you’ve already committed to a move.
The State of the Real Estate Market
The cost of commercial real estate can fluctuate significantly, so it’s essential to time your move carefully. If you wait too long, you may pay more than you need for your new space. However, if you move too soon, you could be in a less desirable location or stuck with a longer lease than you need.
In Conclusion: Six Things to Remember When Moving Your Retail Storie
Many factors exist to consider moving your retail store to another location. Carefully weigh all the pros and cons before making a decision. Don’t hesitate to seek professional advice if necessary. You’ll be sure to make the right choice for your business. A move can be a great way to take your business to the next level with careful planning and execution.
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Sales Tips: Six Things To Remember When Moving Your Retail Store
- Consider your current clientele and the percentage that may no longer visit your premises upon moving.
- Assess the new neighborhood for the likelihood of increasing the number of customers.
- Research the new area to determine whether you provide services and products the neighborhood will desire.
- Know the competitive nature of the new location and whether you will stand out.
- Honestly, answer what you may miss in the current neighborhood should you decide to move.
- Once you figure out what you might no longer enjoy, decide how you can fill the gap in the new area.
- Consider whether adding additional products and services to the mix may be a timely move.
- Attempt to meet neighboring retail owners to introduce yourself and what you have to offer ahead of the move.
- Host an event to introduce your retail shop to residents and provide unique offerings for the celebration.
- Celebrate Success!
Today’s insights are provided to help you achieve the Smooth Sale!
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