Retail Business Making a Go of Downtown Areas
Opening a business downtown is not what it used to be. Anyone who was born in the 1960s or earlier may well recall the days when people drove or caught the bus downtown to pay utility bills, go to work and do their shopping. Today city buses are still going downtown; however, shoppers in many cities are heading to outlet stores and large shopping malls to get their suits, dresses, hats, books and other personal and household items.
Before opening a retail business downtown as a creative business leader, consider working with an experienced economist to conduct market analysis on the area. Doing so can help you find out which types of retailers perform well in specific downtown areas. For example, if you own a niche fashion boutique, you might discover that your retail business would perform better downtown than it would at a large shopping mall. On the other hand, if you operate a furniture store your market analysis might reveal that you’d be better served opening your store directly across the street from a large shopping mall.
Real Estate Agents Offer Support to Creative Business Leaders
In addition to working with an experienced economist, you can also work with an experienced real estate agent to find out two to three best locations to open a retail store downtown. Be sure to ask about the history of retail stores that have operated in the downtown area you’re thinking about opening your shop in.
Also find out if stores have been exiting the downtown area in search of greener locations, and if so, why. Lastly, find out when the peak shopping periods are in the downtown area. For example, some downtowns like Newtown, Pennsylvania’s historic downtown district in the South State Street area, enjoy heavy consumer traffic during spring and summer months and little traffic during colder seasons.
Pull in Downtown Sales Traffic
If you open a retail business in a downtown area that has several monuments, historic or entertainment attractions and events you can pull in sales off the traffic. Of course, you can also partner with other retail shop openers and organize events to pull in visitors. Also be sure to list your business with organizations like the Better Business Bureau, local Chamber of Commerce, professional associations, yellow pages, local newspapers and online and offline shopping directories.
The mass exodus to malls and outlet stores has left some downtown areas searching for innovative ways to increase consumer traffic in these once hot retailer locations. What hasn’t changed are the large numbers of government and private businesses operating offices in downtown areas. Certain retailers like deli restaurants, bookstores (offering a wide variety of newspapers and magazines) and dry cleaners may fare better downtown than others. Additionally, if you’re a retailer that establishes rich relationships with other business owners and workers who regularly visit downtown areas you may be able to engage these consumers, turning them into loyal customers who support your retail shop after the workday ends.
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