Location, Location, Location!

If one thing's certain in real estate these days, it's that it's all about location. For a retailer, securing the right location could be the difference between making it and breaking it.

With available real estate at an almost all-time high, how can you be sure you're picking the right space for your shop? I'd say checking out BusinessWeek.com is a great way to start because if you do, you would have come across this article about finding the perfect retail location.

In case you missed it, here are some highlights:

• The type of product or service you're selling should be considered when selecting a location. Is it more commonplace with a lot of competition or is it a specialty item? This determines how much of a "destination" your store becomes and influences how far consumers would be willing to travel to get there.
• Your target market should also influence where you set up shop. Demographic information is available from a wide number of sources. Using this info, you can find where your target market lives.
• Budget should factor in as well. Whatever you have to spend on rent is money that you can't spend in other areas like advertising.

Location is really important. So much so that some franchise systems even help their franchisees select prime real estate. But if you're winging it on your own, there are a variety of resources out there, consultancies that will not only help you select your real estate, but also help you through LOI and lease negotiations. A great location and beneficial lease can pay you back in dividends, so the extra money upfront generally proves to be totally worth it in the end.