A group of customers is shopping downtown. They browse storefronts, oohing and aahing over items on display. They turn a corner, and there’s your storefront. Enticed by your mannequins, they walk in, ready to make a purchase.
This kind of passive traffic is every consignment store owner’s dream, and it’s well within reach – just as long as you land the right location.
If you want to find the perfect storefront, you’ve got to do your research. You know your industry, you know the items you want to sell and the customers you want to attract. Now, it’s time to take that knowledge and apply it to the placement of your store.
Here’s a step-by-step guide to get you started:
4 Ways to Land the Perfect Consignment Store Location
Wondering how to identify the best location for your consignment store? Follow these four tips:
1. Know Your Traffic
Foot traffic is a consignment store’s best friend. With this in mind, place your store in an established neighborhood. While lots of store owners dream of downtown locations, it’s important to remember that accessibility and traffic are essential, and not all downtown locations have these.
Remember – the right location allows customers to come in and shop and consignors to bring in new inventory easily. With this in mind, take traffic patterns into account. If your story isn’t easy to access, people won’t make the extra effort to shop with you.
Finally, take a look around your target neighborhood and consider whether there are other “anchor businesses” in the area. These are established businesses that have traffic you can use to your advantage. For example, many clothing consignors will open up shop next to a larger clothing retailer to take advantage of the “shopping mood.”
2. Know Your City
Too many businesses concentrate only on the store itself. Don’t make this mistake! Instead, remember that your shop is as important as the signage that represents it. Ensure the location you choose allows for proper signage that helps customers find your store.
Remember: city ordinances control how big and high your sign can be, so you’ll want to look into the regulations in your area before you choose your store location. If you know there’s a particularly high-traffic location within your city, do your research and find out how feasible starting a business there would be.
As long as you center your store around anchor companies and ensure signage will be easy to add, you’ll have a leg-up on sales and visibility.
3. Make Sure You Have Enough Space
Before you launch your store, consider what you are selling and how the space will help you display it. If you own a furniture consignment store, for example, you need a shop with enough room for you to showcase your inventory, and for customers to come in and browse.
If you specialize in clothing consignment, your location needs enough room for the racks and mannequins, as well as fitting rooms and a checkout desk. While your store can be larger or smaller than similar consignment shops, it’s essential that the size works for you.
4. Research Your Target Demographic
The most important aspect of finding the right location is researching your target demographic. To be blunt, your store simply will not work if it’s not located in the same neighborhood as your target audience.
With this in mind, don’t put a high-end furniture consignment store in a low-income neighborhood, or a retail clothing location in an area of town where those items won’t appeal to consumers. If you want to be successful, you’ve got to sell your items in the neighborhoods that your customers thrive in.
Your Perfect Consignment Store Location is Just Around the Corner
By following this step-by-step guide, you can find the perfect location for your consignment shop in no time at all.
Before you launch, give your store a leg-up! Learn more about Ricochet Consignment Software for your business by contacting us today.