Depending on your business, store location can be detrimental to the future success of it. We are all familiar with demographics, so I want to talk about something a little more specific. Location on the street.
For this example I will use Coffee Shops. Opening a coffee shop on the corner vs opening a coffee shop in the middle of the street is better for a number of reasons.
People sit in coffee shops to drink coffee, surf the net and chat with friends.
1. For surfing the net, we need big windows allowing for natural sunlight.
2. Corner locations have the most traffic, giving your customers that opportunity to people watch through big windows or patio seats. (Essential for good coffee shops)
3. There’s often more room for chairs, allowing for more natural space. If we’re sitting chatting with friends we want it to be in a relaxed open environment and not a cramped space.
4. The corner is more memorable. We’re more likely to remember location if it’s on cross-streets.
5. Coffee is often an impulse purchase. Having a coffee shop on the corner attracts impulse customers, who are waiting for the light to turn red.
Coffee shops is an example of why some stores are better suited to corner shops than others. It’s not the case for all stores, but it does greatly effect the success of some. When opening your business don’t just pay attention to demographics but pay attention to street location, and in some cases you might be better off paying the higher fees for that corner location.