IIPM-Publications:- LOCATION

If there are three things to keep in mind while opening a retail outlet, they would be (1)Location! (2)Location! (3)Location! Yes, that’s how important it is. While there perhaps can be no location better than Oxford Street for a retailer to ensure that people pop in at least once to take a look, Wal-Mart, on the other hand, located itself in small towns – which none of the other big retailers were targeting – and soon became a roaring success. In straightforward terms, the outlet’s location should be within easy distance of the target audience. ITC made its e-chaupals highly successful by locating themselves near their target audience – the villagers who earlier had no shopping opportunities. The corollary is that one needs to understand extremely well the demographic profile of customers residing within the geographical area in consideration. Simply said, open a high-end store in the high-end part of a town; and a low-end one, in the low-end part. Take time to choose the right location. It’s worth it!

For Complete IIPM - Article, Click on IIPM-Editorial Link

Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006

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