In 2017, we read a lot about big retail chains closing stores. But for small retailers, it may be a different story. A whopping 98% of all retail locations are small businesses, according to the National Retail Federation. If your store is thriving, could now be the time to expand into a second location?
Knowing When to Open a Second Location
In a shifting retail landscape, it’s vital to consider all the factors carefully before you open a second store. Here are some questions to ask yourself.
How strong are your sales?Have you maxed out your current market?
Do you have customers coming from far away?
Is your store in a market area large enough to support a second store, without cannibalizing your first location?
Can you afford a second location?Do you have time for a second location?
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RSK: This pertains to service business as well.
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- - Volume: 6 - WEEK: 38 Date: 9/18/2018 9:06:54 AM -