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Developing a retail outlet in an unspecified town

Extracts from this document...

Introduction

Introduction: - This project is about developing a retail outlet in an unspecified town but in the local area i.e. Reading, Newbury, Thatcham etc. In this project I am looking for a gap in the market for a business that has not been considered by others/many others. A gap in the retail market is a business opportunity that has not been considered by people. Meaning that a business has something more to offer than another that offers the same basic product. Where should I locate my business? * Location factors My business will have many location factors in order for it to be successful. The location that my business will be situated will be effected by the following factors: - > Location of the market - this is a main factor because the business will have to located near to its customers so that it is convenient, it will also have to located where it can be easily accessed i.e. a town centre, shopping mall. > Labour supply - this factor will have to be closely considered because the development of some films may have to be done by hand. Also the operation of high tech equipment will require the skills of highly skilled workers. The business will have to be located where these types of skills can be found. > Economies of concentration - this will have to be considered in the location of the business because being close to the business competitors will mean that local workers with the required skills will be easier to find. Also the customers will get to know the location that will have these types of businesses situated in them. Considered locations: - * Newbury town centre - this is an ideal area for a business however is very large. The town centre is located near the largest housing estates therefore making walking an ideal mode of transport. ...read more.

Middle

store in the town centre meaning that it should be able to make sufficient profit and it should not be as congested. Recommendation From analysing the main competitors to my business I can see that there is more of the market share to be gained in this area of retail. Boots have a large area of the market share gained because of the areas of retail that their one store offers, also their nationally known brand name would aid the attraction of customers. My research has shown that a small specialist store that solely dealt with photographic development would be able to gain a market share and attract customers. Findings I have found based on my competitor research that the main competitor Boots have occupied a large amount of the market share. This would make the objectives of my proposed business far harder. However, as Boots has occupied a large area of the market share in other areas of retail (mainly cosmetics) there is room for a small specialist store to gain market share. Based on my findings I have allocated certain areas of my questionnaire that would reflect upon my final recommendation. From analysing this graph I can clearly see that 70% of customers would strongly agree to have the shop in/near a town centre. Only 20% would agree to have the shop in/near the town centre, and 10% of people asked would disagree to having the shop in/near the town centre. From looking at these results customers would prefer a store located near the town centre/near other shops would make the success of the business easier. This means that the fact that Boots has their development department in the same store far more convenient for customers. This is a service that would not be available by a small specialist store; also an equivalent service would be also very hard to make available and also being cost efficient. ...read more.

Conclusion

* Labour supply - the supply of labour in the area in which I wish to locate my business would be a very important location factor. This is because much of the labour that is needed by this type of business will be skilled labour. This will affect the location of my business because this type of labour will have to be found. Also the labour that is needed for non skilled, purposes such as cleaning of equipment and serving customers (i.e. not the operation of machines), may affect the location of my business because if the wages are to be kept low then I aim to locate my business in an area of high unemployment. * Transportation/facilities - The transportation that has to be available to the business may affect the location of my business. This is because the business will have to have fast and reliable access to stock e.g. blank photographs and ink for printing. Also facilities that have to be available to the customer, they are like proximity to other shops and what parking facilities are available to the customer, this makes the business more accessible for customers. * Suitability for purpose - This is a very important factor for the location of my business. Parking facilities will have to be available to my business so that customers can easily access it. The premises will also have to have large open front to it and have seating and perhaps toilet facilities for customers. As many customers may choose to leave the store whilst the development is taking place other customers may choose to stay in/near the store and wait for development. Therefore toilet and seating facilities will have to be available to customers. The premises will also have to be able to facilitate the equipment and still have adequate room to operators in the store Nolan Byrne Business studies coursework 03/05/07 1of3 ...read more.

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