I would return to him, with what I felt were good places for a few banks and pharmacies he represented when I started working for something which I consider to be a “famous” local market developer. They had strong traffic numbers, sometimes corner spots, and occasionally even a high number of households around. Would he ask me what was around if we were to start talking about the houses which I felt were good? If there are banks, pharmacies, fast foods, or other qualities of the district, I would always respond “no,” but there are many more excellent attributes!” He would answer, “We actually want the shopping district to be the ones that build it, we simply want to be in a nice position in which there is already a shopping district.” Having said that, I realized very quickly that it’s too dangerous if there’s not a potential place where people shop, dine, bank, or do other things. Now, I look exclusively for places in the vicinity of 4 to 5 franchises establishing some sort of “retail area.” I would give you the huge thumbs on the spot if you consider places that aren’t in one of those categories. I know that in certain rare cases, retail companies in distant locations have been highly profitable, but that is the exception to rules and a very dangerous game. You will always locate a position that has some shopping center (even in a rural region). Having additional shopping malls in the vicinity is one of the most significant variables to be taken into account when selecting a site. A contemporary strip center is also more convenient in the immediate vicinity than an older commercial mall. A close retail mall will lead you to a vehicle wash.
Play versus. Regional Play in the vicinity
Now that you know the importance to your business of a shopping area, let me cover some other issues about shopping districts. Some retail areas are what I term “neighborhood games” and some I call “regional games.” The simplest way to convey this is to mention two towns near Pittsburgh’s eastern suburbs (one that I eventually built my wash in).
. The “neighborhood” is the shopping district with 14,000 vehicles a day, a fairly large supermarket chain, a McDonald’s, a local restaurant, a National Pharmacy, a large bank in Pittsburgh, a dollar general, a subway, an Exxon gas station (car wash), a Kinder Care center and some other local businesses. The shopping district has a number of different characteristics. The ” regional,” also adjacent retail district includes a four-lane highway with a 35,000-wheel drive traffic count, a huge regional mall, a lower shop, a Home Depot, a target, Sam’s club, and four big shopping centers. Now you may instantly believe that the regional playing would always be a better place and that is true in many circumstances, but in certain cases, the regional play can also be less attractive with land cost considerations, ease of entry and departure, and some other factors. In my estimate, self-serve washing of a car for $1,000,000 + property in a regional retail center is not a “best use” when it comes to the development of commercial real estate. You could wash a number of vehicles, but the incomes probably could not cover the cost of the property. As noted, there are exceptions to any regulation, but it would be too dangerous to “play the dice” at one of these costly places.
A decent retail location is typically one of the key elements that count the traffic on your potential site. How can you tell what is a good number of traffic? Is there a secret formula for how much road you can succeed in washing your car? Actually, your total performance is not determined by traffic. However, your total performance will depend on traffic numbers and other local considerations. How many franchise operations determine where or where their retail outlets are not able to locate is a good indication of the impact of the traffic on the overall locational performance. A specified minimum traffic count is provided while researching the immobilization needs of many of these retail businesses. As I worked with a prominent local commercial real estate developer, I immediately discovered that every retail list has for obvious reasons always been a high priority. If you call any large retailer’s property department and send them a brochure. In my experience, the minimal criterion generally was about 20,000 vehicles on average each day before considering a place. This means that the lesser number of traffics won’t function. However, you should find solid grounds on a route where the number of traffic is below 20,000. In addition, remember that the number of traffic is just one element in the equation of traffic. Speed restrictions, turning paths, adjacent signals, ease of entry and evacuation, etc, must also be measured. Later in this section, we shall discuss all these aspects in greater depth.
I would regard traffic as one of the key criteria in selecting a suitable site. My location now has about 14,000 numbers of visits, which would be a little traffic figure in many businesses. However, there are other reasons for this to continue to work effectively, including a strong retail district, a very large population, little to no competition, solid revenues and exits, and a few more aspects, which made me feel compensated for the modest traffic figure. However, if it had a 20K+ traffic count, my location would likely work better. (As a side note, approximately a quarter of a mile distant is a Walmart building.
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