Thursday, November 7, 2013
On the business path: Retail-3
And this is a long job as you see people going in and out of stores and you would still not know if they are from the neighborhoods or from the nearby neighborhoods. How can you find out if the person or family driving in a car and shopping at a neighborhood store is from that neighborhood or from another town? It is difficult but you can be sure that the people who walk to a store should be from the neighborhood. So how do you find out whom are the customers? You have to dig much deeper than just by standing near a corner for days on end. You will have to see the demographics of the neighborhood and the city that the customers reside in. The age group, the per capita income are some of the demographics that you can use to compile your customer list. You can also make a general observation about what kind of stores they have in that particular area. Because you don’t need to have a high end store which the people of the area will not patronize and it will be out of characteristics with the neighborhood. A small grocery store or other middle class store where the middle class even if the neighborhood is or poorer background can be workable since poor people aspire to join the middle class and anything that make them feel that way will be welcome. You will also need to know if there are available parking spaces that can facilitate your business.