This ad will close in
Question added to topic Grow Your BusinessOctober 14, 2008

I want to relocate a retail store to a more successful location.

I selected a small strip mall based on where I live and affordability. This is a second store that is not doing very well compared with store No. 1. I am considering relocating it to a more productive space but the rent is considerably higher. How would you handle this?
Move as soon as you can, and look at rent in your retail business as part of your overall marketing budget. Until you become a "destination" retailer (which is difficult unless you have a huge advertising budget), you need foot traffic to get sales, build a good customer base and get repeat business.

Those latter two items will be critical for continued growth, as you want to build long-term customer relationships by capturing as much information as you can about your customers, and go back to that existing customer base to market.

That way, you can use your new location to capture customers, and your data base marketing efforts to keep them.

All the best.
Brad Sugars

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.

0 Comments. Post Yours.

About ASK ENTREPRENEUR

Ask Entrepreneur is a question-and-answer forum for and by the Entrepreneur.com community. Send in your burning business question, or comment on someone else's now. Have a Question? Ask Now

Topics (over 1000+ answers)

Don’t see a topic? Suggest One

Ask Entrepreneur Q&A Hangouts

Google + Hangout With Shark Tank
Google + Hangout With Jason Falls
Google + Hangout With Angela Jia Kim
Google + Hangout With Grant Cardone