As the founder of GX Live Marketing, a creative experiential marketing agency, I have had the opportunity to work with a wide variety of companies in developing sales and product promotion strategies. One of the most important decisions in this process is the location of physical stores. In this blog, we will discuss the advantages of locating your stores in high-traffic locations, such as airports and shopping malls, and compare the differences between these two options to help you make the best decision for your business.
Advantages of locating stores in high-traffic sites
1. Increased visibility: Locating your stores in high-traffic locations, such as airports and shopping malls, ensures greater visibility for your brand. This increases the chances of consumers entering your store and making purchases, as well as sharing their experience with others, boosting your brand recognition and reputation.
2. Customer diversity: High-traffic sites attract a wide variety of customers, meaning you'll have the opportunity to reach different market segments. This can be especially beneficial if your business offers products that may appeal to different demographics.
3. Increased sales: Greater visibility and diversity of customers on high-traffic sites often translates into increased sales. Taking advantage of these spaces can result in a higher return on investment for your business.
4. Marketing opportunities: High-traffic sites provide unique opportunities to implement marketing strategies. You can take advantage of the influx of people to organize events, launch special promotions, or run advertising campaigns that capture the attention of your potential customers.
Airports vs. shopping malls: which is the best option?
Airports
Airports - Advantages and disadvantages of locating your store in airports.
Airports - Advantages and disadvantages of locating your store in airports.
Advantages:
• Higher-net-worth customers: Airports are often frequented by people with higher net-worth, which can be beneficial if your business offers luxury or high-end products.
• Customers in transit: Travelers in transit may be more willing to make impulse or last-minute purchases, which can increase your sales.
• International exposure: Airports attract travelers from all over coo mailing list the world, which means your business will have international exposure. This can be especially valuable if you are looking to expand your business globally.
Disadvantages:
• High rental costs: Commercial spaces in airports usually have a higher rental cost compared to other places, as we can see in this article from 2015 where the costs per square meter established in Panama at that time are displayed .
• Limited access: Some stores located in restricted areas of airports are only accessible to travelers, limiting the number of potential customers.
Shopping malls
Shopping Centers - Advantages and disadvantages of locating your store in shopping centers.
Shopping Centers - Advantages and disadvantages of locating your store in shopping centers.
Advantages:
• Local customers: Unlike airports, shopping malls attract primarily local customers. This can be beneficial if you aim to establish a strong customer base in a specific geographic area.
• Steady customer flow: Shopping malls typically maintain a steady flow of visitors throughout the day and throughout the week. This can translate into a more stable revenue stream for your business.
• Greater service offering: Shopping centers typically offer a wide variety of services, such as parking, food courts and entertainment, which can attract more customers and increase the chances that they will visit your store.
Disadvantages:
• Competition: Shopping malls often house a large number of stores, which means you may face increased competition compared to airports.
• Lower international exposure: Although shopping malls attract a wide variety of customers, they are less likely to offer the same international exposure as airports.
Conclusion
When deciding whether to locate your store in an airport or a shopping mall , it's critical to consider the pros and cons of each option in relation to your business's goals and target audience. If you're looking to reach a more affluent audience and gain international exposure, airports may be a more suitable option. On the other hand, if your goal is to establish a strong presence in a local market and attract a wide variety of customers, shopping malls may be the better choice.
Ultimately, the decision will depend on your business goals and the specific needs of your business. By carefully evaluating these considerations, you'll be able to make an informed decision and maximize your store's potential on a high-traffic site.