Retail Strategies

Choosing a store location

Brick and Mortar

Brick and mortar is a traditional street-side business that deals with its
customers face to face in an office or store that the business owns or rents. The
local grocery store and the corner bank are examples of brick-and-mortar
companies. Brick-and-mortar businesses can find it difficult to compete with
web-based businesses because the latter usually have lower operating costs
and greater flexibility.

Outline the business’ needs

The best space and location for a company vary dramatically depending on the
type of business it is.

Know your customers

Before renting or purchasing a space, it’s critical to have an understanding of
your ideal customer avatar (or the specific demographic the business is
attempting to target) and how you’re trying to sell to them.

Consider accessibility and safety

This is important not just for customers, but for employees as well.

Know the costs

When calculating a budget, it’s critical to take into account the full range of costs
involved in running a business, from utilities to insurance, renovations, IT system
upgrades, taxes, and so on.

Cultivate a brand
A company’s physical location serves as the first impression it will make on
potential customers or investors.

Scope out the competition

Depending on your industry and business goals, competition can be either a
beneficial or a negative factor in growing the company.
Anticipate growth
If you hope to expand retail space or hire more employees down the road, then
seek out a building of an appropriate size.

CLICK AND MORTAR

A type of business model that includes both online and offline operations, which
typically include a website and a physical store. A click-and-mortar company
can offer customers the benefits of fast, online transactions or traditional, face-
to-face service.
Have a Website / Willing to Pay Marketplace Fees
The most basic qualification of operating a click and mortar business is the
presence of a website and a shopping cart.

Inventory / Willing to Drop Ship at Higher Rates

A valid concern for many businesses interested in getting into the eCommerce
business is available inventory.

Shipping Department / Willing to Drive to Post Office

Logistics of shipping and managing product distribution will be the first hurdle
you will face when becoming a legit eCommerce business.

Technology Resource / Willing to Learn.

An often overlooked piece to a successful online business is an employee that is
technologically efficient.

Marketing Resource / Willing to Engage.

Online marketing for your eCommerce store and products should be a high
priority for establishing a successful click and mortar store.

Tenacity / Willing to Set Long Term Vision of Business Growth vs. Store
Growth.
Launching a new online business is similar to opening a new brick and mortar
business. You will not achieve overnight success with your new online store.

Pure play
A pure play is a company that invests its resources in only one line of business.
As such, this type of stock has a performance that correlates highly to the
performance of the stock's particular industry. For example, many electronic
retailers or "e-tailers" are pure plays. All they do is sell one particular type of
product over the internet. Therefore, if internet buying declines even slightly,
these companies are negatively affected.