How to choose the perfect location for your next store?
Knowing the number of person who, every day, walk by your store it’s a very important information: quantify the number of pedestrian who pass in front of your store allow you to make a real estimate on profitability, and, consequently, on the viability of your business.
If you want to open a store, it’s basic to have information about the minimal number of people who walk in the area, to understand if the project will be profitable.
How to choose the perfect spot to open a store?
This is one of the main problems now of having to decide where to open a new point of sale: the position, in fact, is one of the most important factors to be successfull.
The online world is not like the physical one: it is not possible to segment customers in the same way. In fact, the more people you pass in front of your store, the more chances there will be to convert them into buying customers.
Many times, retailers decide to open stores in places with low rents, but the problem is that, in general, shops with the lowest rents are the ones that sell less. Rents on main and busiest streets usually have a price per square meter that doubles or triples the rent of secondary roads.
- Do stores change value based on the geographic location they occupy?
The streets do not all have the same flux of people: imagine you one you find a very busy station. Let’s say that we have decided to open our store on this road, because we know it has a large amount of pedestrian traffic.
The same happens with shopping centers: it is impossible that there is the same flux of people in every floor or in every corridor of the establishment.
Moreover, when we talk about physical stores, having close competition is not necessarily a bad thing: on the one hand, big brands tend to attract pedestrian traffic naturally, and on the other, store concentration is usually an incentive to attract more people who can shop in different places without having to travel much.
- Person counter technologies and sensors
Data on the number of people passing in front of your stores are the main indicator of the relevance of your business. Knowing the pedestrian traffic allows you to have a real view of the attractiveness of your business, and then make appropriate decisions.
Fortunately, there are tools like TC Street, with over 20,000 sensors installed all over the world, thanks to which it is possible to obtain precise data on pedestrian traffic for hourly fringes and for the roads that most interest us.