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LETS GET DOWN TO BUSINESS.

Question :
How do I know if I’m ready to open a retail store? Is it actually a good idea in the current climate?

Question submitted 19/06/20 @ 08:29am
Industry: Retailing
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  • It’s difficult to provide you a clear answer as there are too many details missing such as ….what do you sell (product or service), is what you sell designed for the mass market, do you already have an online store and how would a physical store allow you to grow…..any more details would be helpful.

    cheers
    James

    Hi there,

    Good question. I think before you can answer that you need to reflect on who are your customers, where are your customers located, how many customers do you need in a catchment to sustain the cost of a physical retail store.

    It may be worth putting together a brief business plan and do a feasibility analysis on establishing a physical retail shop. From there I suggest you develop your location strategy and then move to site selection.

    On a practical note, there are opportunities opening up for sites and I have several clients moving into growth mode for new sites due to availability, landlords willing to negotiate, lower funding costs.

    Hope the above helps.
    regards
    Marcus

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