Module 7: Retail Location Flashcards
Reasons why Location is important:
(3)
- Most INFLUENTIAL CONSIDERATIONS in a customer’s store-choice decision
- Develop sustainable competitive advantage since it CAN’T BE DUPLICATED
- VERY RISKY
Basic Types of Retail Location: (3)
a) Free Standing
b) City or Town Business District
c) Shopping Centers
Factors to consider in choosing a location: (5)
✅Size of trade area
✅ Occupancy cost
✅ Pedestrian and Vehicle Customer Traffic generated
✅Restrictions on operations
✅ Locations convenience
the GEOGRAPHIC AREA that encompasses most of the customers who would PATRONIZE A SPECIFIC RETAIL SITE.
trade area
TYPES OF RETAIL LOCATION
(3)
A. UNPLANNED RETAIL LOCATION
B. CITY OR TOWN RETAIL LOCATIONS
C. SHOPPING CENTERS
Two types of UNPLANNED RETAIL LOCATION (2)
Freestanding Sites
Outparcels
are retail locations for an individual, and ISOLATED store UNCONNECTED TO OTHER RETAILERS.
Freestanding Sites
Advantages of freestanding site
✅Provide convenience
✅High vehicular traffic and visibility to attract those customers driving by
✅Modest Occupancy
✅Fewer restrictions
are stores that are NOT CONNECTED TO THE OTHER STORES in a shopping center but are located on the premises, typically in PARKING AREA
Outparcels
Disadvantages of outparcels(2)
✅ Limited trade area
✅Have higher occupancy costs
Types of CITY OR TOWN RETAIL LOCATIONS (3)
- Central Business District (CBD)
- Main Street
- Inner City
the TRADITIONAL DOWNTOWN BUSINESS area in a city or town. This is the hub for public transportation, with high pedestrian traffic.
Central Business District (CBD)
refers to the TRADITIONAL SHOPPING AREA in smaller towns or a SECONDARY BUSINESS DISTRICT in a suburb or within a larger city.
Main Street
refers to HIGH DENSITY URBAN AREAS that have higher unemployment and lower median incomes than the surrounding
metropolitan area.
Inner City
the PROCESS OF RENEWAL AND REBUILDING of offices, housing,
and retailers in deteriorating areas
Gentrification
A group of retail and other commercial establishments that are
PLANNED, DEVELOPED, OWNED, AND MANAGED AS A SINGLE PROPERTY.
Maintains a common facilities referred to as COMMON AREA
MAINTENANCE (CAM)
SHOPPING CENTERS
As a management, shopping centers are responsible for activities such as (4)
✅providing security
✅parking lot lighting
✅ outdoor signage for the
center
✅ advertising and special events to attract consumers.
Types of Shopping centers(6)
- Neighborhood and Community Shopping Centers (Strip Shopping
Center) - Power Centers
- Shopping Malls
- Lifestyle Centers
- Mixed Use Development (MXDs)
- Outlet Center
are ATTACHED ROWS OF NONENCLOSED STORES, with on-site parking usually located in front of the stores.
Strip Shopping Center
Other name of Neighborhood and Community Shopping Centers
Strip Shopping
Center
are shopping centers that consist primarily of COLLECTIONS OF
BIG-BOX RETAIL STORES
“Open air”
Power Centers
are ENCLOSED, climate-controlled, lighted shopping centers with
retail stores on one or both sides of an enclosed walkway.
Shopping Malls
COMBINE SEVERAL DIFFERENT USES INTO ONE COMPLEX including retail,
office, residential, hotel, recreation, or other functions.
Mixed Use Development (MXDs)
Are shopping centers that have an OPEN-AIR CONFIGURATION of
specialty stores, entertainment, and restaurants, with design ambience and amenities such as fountains and street furniture.
Lifestyle Centers
