Odd Lots cover image

Odd Lots

How Businesses Decide Exactly Where to Set Up Shop

Feb 5, 2024
Tom McGee, CEO of the International Council of Shopping Centers, shares insights on the complex factors influencing retail site selection. He discusses how foot traffic and competition shape decisions, along with the importance of demographic research. Chris Hatch, partner at Forza Development, dives into the unique challenges of optimizing drive-thru locations for chains like Starbucks. They explore safety, zoning regulations, and how evolving consumer behavior impacts site choices, revealing the intricate dance behind choosing the perfect business location.
53:20

Podcast summary created with Snipd AI

Quick takeaways

  • Location visibility, zoning regulations, demographics, proximity to competitors, and traffic patterns are important factors in retail site selection.
  • Data analysis plays a crucial role in retailers' site selection decisions, including evaluating sales forecasts, traffic data, and drive-through-specific considerations.

Deep dives

Factors in site selection

When choosing a site for a retail location, several factors come into play. One important factor is the location's visibility and accessibility, such as being situated on a corner with easy ingress and egress. Zoning regulations also play a role, as they determine if a drive-through is allowed and the type of development permitted. Retailers consider demographics to ensure the location aligns with their target customer base. Proximity to competitors is another consideration, with different industries having varying preferences for distance between similar businesses. Traffic patterns are crucial, and retailers analyze peak hours and traffic flow to optimize convenience for customers. Noise control and acoustics may influence site selection as well, with advancements in audio technology improving communication but increasing demand as drive-through traffic grows.

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