Location Location Location?

[brucehwalker]

What things do you look for in a good location? I am considering a second store and need some advice. Here is what I have heard to look for...

1. Demographics- 60/40 rent/own 1 mile, 2 mile radius
2. Drive by count
3. Close to a pawn shop, dollar store, what else?
4. Proximity to competion ( and my existing store- how close is too close)

I have a map at my store where my customers put a dot where they live. Do I build where they are coming from or in an area that I have little representation?

[actionmedia]

Now, that is an interesting topic! I subscribe to it.
Realy! How do you evaluate the location? What do you look for first? You just "know" it would be a good location or you use some kind of evaluating system?
How do you decide how much equipment you need for that location? Do you buy the equipment according to the space you found or accortig to the potential of the market?
Can you "see" the TPD after you evaluate the location?
How sure you feel it is a good location when you decide to go for it?
The main question is:
How much is feeling and how much is math when you choose a location?

[azkid]

I assume you are talking about building a new store and not buying an existing store. I've never done built a new store, but my perspective would be there is no magic formula but all the factors you've mentioned are important. Of course high population density of renters and minimal competition and a great available location would be great but highly unlikely also. Some of it depends upon how large you plan your store to be and whether or not you are intending to offer additional services, such as WDF.

In my experience the locations that have the highest rental populations also have a large number of small laundries in the neighborhood...as you go further out the competition becomes less and the prices can be a little higher, but the TPD drops too. I would try and talk to distributors in your area about their experiences.

[petefritz]

My brother is a high up mucky muck at a big public traded company, his motto.. the best way to grow market share is buy out compitition... and my motto is there is probably a store within any given market, laundromat wize. so I am putting in a new store now, so why listen to anyone ?
Really, if you can find the perfect spot, or buy out someone near, you may do OK

[ahlenius1]

Just Ask Mr. KwiK He will fix you up. Right Bruce?