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CHAPTER 7: MARKET SELECTION AND RETAIL LOCATION - Coggle Diagram
CHAPTER 7: MARKET SELECTION AND RETAIL LOCATION
Site Selection Process
Step 1: Evaluate demand & supply density
Step 2: Identify attractive sites
Step 3: Select the best site
Factors to Consider:
Nature of site
Traffic characteristics
Type of neighbours (good, bad, complementary)
Store compatibility & retail clusters
Market Demand & Supply Factors
Population characteristics
Household income, age, composition
Community lifecycle
Competition (store size, growth, quality)
Target Market
Definition: Group of consumers the retailer wants to serve
Market Segmentation Criteria
Measurable
Accessible
Substantial
Reaching the Target Market
Store-based Retailing
Central Business District (CBD)
Secondary Business District (SBD)
Neighborhood Business District (NBD)
Shopping Centers & Malls (Anchor stores)
Freestanding Premises (e.g., McDonald's)
Non-store Retailing
Street peddling
Direct selling
Catalogue sales
Online retailing (e.g., Lazada, Shopee, Zalora)