What should we Take Attention when Opening the Retail Store

Before opening a retail store, you should have a detailed plan of  a small retail store design to be prepared for danger, otherwise it will push itself into a difficult situation.

Market Trends Should Be Grasped

In the small retail store design, it is necessary to assess the profitability of opening stores in the area and the appropriate size of stores. To evaluate the feasibility of opening a shop, we must have actual data and data, not relying solely on personal speculation. This is also an understanding of market trends. The most authoritative Management Institute in the United States defines market research as an organization of collecting records, analyzing problems and information related to the marketing of goods or services.

You need to pay attention to the following conditions before doing market research of opening a store and understanding the trend:

1. Overall summary

This refers to the number of stores in the area, the industry category, the size of the store, the number of salesmen, annual turnover, and so on.

2. Overview of similar shops

This refers to the quantity and quality, the performance of existing stores, whether it constitutes potential competitive pressure, as well as the evaluation of the business strength of the same industry, the comparison of the proportion of various commodities and so on.

3. Consumption Trends

This refers to buying habits of the consumer, such as what kind of store they are used to buying goods, the distance from where they go, the number of purchases per week, the reasons of their purchases and the size of their purchases.

4. Consumption Level

This is to understand the level of consumer purchasing power, so the local population structure, income, household size, education level should be collected, understanding consumption level of the consumer and speculate potential consumption power through comparative analysis.

The thinking of the retail

Market trends are directly linked to the interests of retail stores. Only by doing a good job in the investigation of market trends can we formulate a feasible plan for opening stores.

Necessity of doing the Investigation Business Circle

Any retail store in the small retail store design must have an understanding of the whole region, and business circle survey is the most effective way to understand the situation in the region. Business circle is the scope and scale of transactions that can be carried out by the location where the shops are located. You must be careful to choose the business circle, and before that, you should be investigating clearly in order to further create a space for self-survival.

In general, the larger the coverage is, the larger the business circle is. There are many requirements for running a successful retail store, but the impact of business circle on business success stands in a dominant place, because the accuracy of business circle survey directly affects your business decision. Therefore, how to choose a good business circle has a great impact on the future development of stores.