Where the shop sits.
WHY IT MATTERS MORE THAN ALMOST ANYTHING
Retail depends on people passing, and you cannot change where you are.
WHAT TO ASSESS
Footfall, counted at different times Who those people are What else draws them there Visibility from the street Access and parking Competing and complementary businesses
WHY COMPLEMENTARY BUSINESSES MATTER
They bring the same customers without competing.
WHAT TO ESTABLISH
Whether the people passing are your customers.
WHY THAT QUESTION
High traffic of the wrong people produces nothing.
HOW TO ASSESS IT
Observe who passes, and ask them what they came for.
WHAT TO CHECK ABOUT THE PREMISES
Frontage and signage possibilities Floor area and layout Storage space Power supply Security Delivery access Condition
WHY STORAGE MATTERS
Stock must go somewhere, and shop floor space is expensive.
WHAT TO ESTABLISH ABOUT THE LEASE
Term and renewal What use is permitted What alterations are allowed Who maintains what Whether arrears attach to the premises
WHAT TO CALCULATE
Rent as a proportion of achievable sales.
HOW TO ESTIMATE ACHIEVABLE SALES
Footfall, an assumed conversion, and an assumed spend.
WHAT TO BE CONSERVATIVE ABOUT
All three.
WHAT TO AVOID
Signing on optimism about a location you have not observed.
