Why Your Location Can Influence Customer Perception
While the location of your retail store can determine many things, such as the volume of foot traffic and the type of visitors your business will receive, it can most importantly reinforce your brand and build brand equity.
When it comes to selecting a retail location, many entrepreneurs make the mistake of relying solely on facts and numbers. Take for example, New York City – the metropolis that many of the world’s most notable businesses choose for their headquarters.
In December 2013, the New York City Economic Development Corporation published a report that highlighted “the strong recovery of the New York City retail market.” The report found that Manhattan had doubled its retail sales over the last decade, a result of increased spending by both tourists and local residents. Alone, tourism contributed “an estimated $39.4 billion in spending to the New York City economy in 2013 – an increase of 7% over the previous year.”
For entrepreneurs in search of a more diverse and insatiable retail market, New York City is an obvious choice. However, selecting a retail location in New York City still isn’t simple.
While the city’s smaller size can help entrepreneurs narrow the possible area best fitted to their business (New York City’s 305 mi² vs. Sao Paulo City’s 588 mi²), even selecting a location within its smallest borough require more than a look at facts and numbers.
Despite its measly size of 33.77 mi², Manhattan is a collection of different neighborhoods that each possesses a distinctive characteristic and group of inhabitants. One great example of neighborhood distinction is the famous Fifth Avenue in Midtown Manhattan and Spring Street in SoHo.
Even though they are just two miles apart, both neighborhoods cater to very different crowds. Fifth Avenue in Midtown is a large bustling street filled with tourists and financial professionals, and packed with honking yellow taxis. Residing there are well-known brands with very fashion-forward and grandiose stores, sometimes ranging from 20,000 ft² to 60,000 ft².
Spring Street in SoHo, on the other hand, is smaller and quieter compared to Fifth Avenue. Retail stores are boutique size, often lesser known but extremely trendy. Around the block and in between the retail stores are small art galleries, spas and eateries. The characteristics of SoHo’s low-key Spring Street differ significantly from Midtown’s bustling Fifth Avenue.
It is crucial to the success of your retail business that you select a location that can partake in voicing your brand message and reinforce the desired perception of your customers. However, the ability to distinguish the best possible location for your business and brand requires knowledge and expertise, especially when it comes to New York City. At ReachOut Business Solutions, we can provide you the expert resources and counsel you need to make your retail business a success.
According to NYCEDC’s Industry Trends & Insights
