retail study guide Essay

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Chapter 7 Retail Locations
1. Why is Store Location Important to a Retailer? Location is important to a retailer because it has strategic importance because it can help to develop a sustainable customer advantage. Location decisions are risky: Invest or lease?
2. Advantages of Freestanding locations
It is convenient for customers, high traffic and visibility, modest occupancy costs, separation from the competition, and few restrictions B. Disadvantages
No foot traffic
No drawing power

3. Why do Retailers like gentrification of downtown areas?
*Gentrification: Is bringing population back to the cities.
Affluence
Young business professionals
Returned empty nesters
Incentives to move provided by these cities
Jobs!
Low occupancy costs
High pedestrian traffic

4. Central Business District
Advantages
Draws people in during business hours
Hub for transportation
Pedestrian traffic
Residents
Disadvantages
High security needed
Shoplifting
Parking is poor
Evenings and weekends are slow
5. Shopping Centers offer what management controls?
They control the parking, security, parking lot lighting, outdoor signage, advertising, and special events to bring in more customers.

6. Advantages of Strip Centers
The advantages are convenient locations, easy parking, and low occupancy costs.
Disadvantages
Some disadvantages are limited trade areas, lack of entertainment and no protection from weather making it hard to control heavy rain or storms.

7. Power Centers—What types of retailers are located here?
Power centers are for big box (discount stores), off-price stores, warehouse clubs and category specialists.
Some store examples: TJ Max, Target, Best Buy, Sam’s Club, Costco, Lowes, and Marshalls.
Free standing Anchors, large trade areas, open-air set up, many located near enclosed malls
8. Advantages of Malls.
Regional (less then 1 mil)
Super-regional (more then 1 mil)
Some advantages are many different types of stores, assortment, many shoppers, main street for todays shoppers, never worry about the weather, comfortable, and uniform hours of operation.
9. What are Lifestyle centers?
They are usually located in affluent residential neighborhoods. Includes a 50k sq. ft. of upscale chain specialty stores. Open-air configuration, design ambience and amenities. There is usually a cinema and restraints. Small department stores might be found there.

10. What is Mixed Use?
Combine several different uses into one complex including shopping centers, office tours, hotels, residential complexes, civic centers and convention centers. Offer an all-inclusive environment where consumers can work, live and play in a proximal area.
11. Where are outlet centers usually located? They are mostly located on Native American land and contain mostly manufacturers and retail outlets.
12. What are Omni-centers?
Combines enclosed malls, lifestyle centers and power centers
Larger developments are targeted to generate more pedestrian traffic, longer shopping trips and to capture cross-shopping consumers.
13. What are other location opportunities for retailers? Other locations are airports, resorts, and store within a store, popup stores.
14. What are pop-up stores? When is best time for pop-up stores? Pop up stores and other temporary locations are short time locations that focus on new products or a limited group of products. Its use is to create buzz, test new concepts, or even evaluate a new neighborhood or community. The best time is during Holiday season in larger stores. Visibility and additional sales at festivals, concerts, weekend craft fairs, or farmer’s markets.15. What is a good example of a store within a store? Grocery store with starbucks inside. Sephora in JC Penny. Macys in NYC with Coach and Chanel with there own store.
16. What is a merchandise kiosk? Merchandise kiosks are small temporary selling stations located in walkways of enclosed malls, airports, train stations…