Please I need help doing this assignment. If you can solve it as an example and
ID: 3351263 • Letter: P
Question
Please I need help doing this assignment.
If you can solve it as an example and give a little explain please.
[You are hired as a consultant to open a retail space in Miami. Come up with a gimmick for a store and how you would determine where in Miami to put the store. What variables would you be interested in for the business to be successful?
What type of statistical studies would you want to use and how would they help you make your decision?
How would you present your findings to your investors to inform them that this would be a good idea?]
You do not have to get actual data, I am more interested in the types
of variables, sampling methods and studies you would do to understand what neighborhood would be a good fit for your store.
Explanation / Answer
Location of retail store in Miami will have a major impact on everything that the retail shop owner does. The difference between selecting the wrong location and the right site could be the difference between business failure and success.
Before choosing a retail store location, define how you see your business, both now and in the future.
Without the answers to these basic questions, it will be hard to find the perfect location for generating the maximum amount of profit for your retail store.
The major factors that we need to consider while selecting the retail store are
Type of Goods
Examine what kind of products you sell, as some goods will require certain types of locations. Would your store be considered a convenience store, a specialty shop or a shopping store?
Convenience goods require easy access, allowing the customer to quickly make a purchase. A mall would not be a good location for convenience goods. This product type is lower priced and purchased by a wide range of customers.
Specialty goods are more unique than most products and customers generally won't mind traveling out of the way to purchase this type of product. This type of store may also do well near other shopping stores.
A shopping store usually sells items at a higher price which are bought infrequently by the customer. Furniture, cars and upscale clothing are examples of goods found at a shopping store. Because the prices of theses items are higher, this type of customer will want to compare prices before making a purchase.
Therefore, retailers will do well to locate their store near like stores.
Population and Your Customer
If you are choosing a Miami to locate your retail store, research all the major area thoroughly before making a final decision. Read local papers and speak to other small businesses in the area. Obtain location demographics from the local library, chamber of commerce or the Census Bureau. Any of these sources should have information on the area's population, income, and age. You know who your customers are, so make sure you find a location where your customers live, work and shop.
Accessibility, Visibility, and Traffic (footfall)
Don't confuse a lot of traffic for a lot of customers. Retailers want to be located where there are many shoppers but only if that shopper meets the definition of their target market. Small retail stores may benefit from the traffic of nearby larger stores.
Depending on the type of business, it would be wise to have somewhere between 5 to 8 parking spaces per 1,000 square feet of retail space.
When considering visibility, look at the location from the customer's viewpoint. Can the store be seen from the main flow of traffic? Will your sign be easily seen? In many cases, the better visibility your retail store has, the less advertising needed. A specialty retail store located six miles out of town in a free-standing building will need more marketing than a shopping store located in a mall.
Signage, Zoning, and Planning
Before signing a lease, be sure you understand all the rules, policies and procedures related to your retail store location. Contact the Miami city hall and zoning commission for information on regulations regarding signage. Ask about any restrictions that may affect your retail operation and any future planning that could change traffic, such as highway construction.
Competition and Neighbors
Other area businesses in your prospective location can actually help or hurt your retail shop. Determine if the types of businesses nearby are compatible you're your store. For example, a high-end fashion boutique may not be successful next door to a discount variety store. Place it next to a nail or hair salon and it may do much more business.
Location Costs
Besides the base rent, consider all costs involved when choosing a retail store location.
The location you can afford now and what you can afford in the future should vary. It is difficult to create sales projects on a new business, but one way to get help in determining how much rent you can pay is to find out what sales similar retail businesses are making and how much rent they're paying.
Personal Factors
If you plan to work in your store, think about your personality, the distance from the shop to home and other personal considerations. If you spend much of your time traveling to and from work, the commute may overshadow the exhilaration of being your own boss. Also, many restrictions placed on a tenant by a landlord, management company or community can hamper a retailer's independence.
Special Considerations
Your retail shop may require special considerations. Make a list of any unique characteristic of your business that may need to be addressed.
Offers
S.No Make a survey form covering the following major querries and conduct surveys in major shopping regions og Miami. 1 Most shopped retail product? 2 Frequency of shopping? 3 Preffered distance of retail store from home? 4 How much money willing to spend? 5 Preffered features required in a retail store? ( Car parking/ free voucher etc) 6 Preffered after sales services offered? 7 budget 8 Operating hours 9 Customer service level 10Offers