Retail Location Decision-Making

For this month’s issue, we’ve interviewed Rich Hollander, president of Buxton’s CustomerID division, to shed light on the retailer’s decision-making process when dealing with site selection. Rich brings a wealth of retail knowledge and experience to his clients that include FedEx Kinko’s and Gander Mountain.

How can communities improve their efforts to attract retailers?

In today’s hyper-competitive climate, retailers are working hard to make smarter location decisions. For the retailer, this translates into needing more intelligence, more information and a better understanding of each site under study. For the aggressive community, this means that they are prepared to provide more focused information that is tailored and relevant to a retailer or developer.

Once the decision to locate is made, why do retailers put so much importance on “Time to Market”?

The duration between signaling a real estate contract and the store opening is critical for the retailer and any time saved goes directly to the bottom line. A community can gain a competitive advantage if there is an understanding of the importance of opening a store on target and is positioned to assist the retailer in reducing the time and costs associated with permitting and compliance requirements.

How can communities take advantage of retailers testing smaller stores and footprints?

To achieve sales goals, many retailers are now seeking locations in neighborhoods and communities that do not have the density to support a full-sized store. By going into smaller markets with small concepts, they can often accomplish the dual goals of capturing new customers and minimizing cannibalization from existing locations...

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How to Choose the Right Retail Consultant

There are many different companies seeking to provide expertise in the economic development world. As it relates to retail, there are a few key things you should be seeking in finding your retail partner:

Retail Expertise

1. Demonstrated retail clients. Check the website for client lists, case studies and testimonials.
2. Leadership in the retail world. Look for recognition and awards. Check major retail conferences they attend with a large presence.
3. A good variety of retail clients seeking the firm’s expertise on their day-to-day real estate decisions.
4. Published articles in retail publications.

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