I’ve heard someone say strategy in Retail amounts to only one thing, “Location, Location, Location.”
What a strategic decision that is! It is a dominant strategic decision that might possibly dominate all the others. I wish it were an easy one. There is so much at play in this decision for retailer. But really it’s no different than strategy in any other business segment.
- Still need to know the core customer and their needs
- Still need to know the market size and it’s viability
- Still need to have a viable brand promise that matches the core customer
- Still need to determine channels through which the core customer finds you
- Still need to have the products the core customer both needs and wants
- Still need to be aware of competitive and complimentary businesses and how they can add or detract from your success and how to differentiate from them.
And if you location is less than ideal, you need to be strategic to overcome the limitations of your site.
It’s not as easy as having a gas station at the last exit on the interstate before the desert. That location is taken by the way.