How important is business location

I am thinking about moving my business to a new location.I have been trading at my present location for a number of years but there are no other retail shops open on my street and very little footfall.I am located off the main street in town but because several business have closed(as they also have in main street)in my street I get very little chance business.The problem is I have a morgage to pay on the property (interest only)and if I move to a new unit that has just become available I will be paying a morgage and also rent in the new unit.As it is I am barely able to get a small wage.I feel that the extra footfall would increase sales and that the better loction has to make a dfference.Could somebody please comment on wether they think this would be a risky move.The propery im in is in neg equity and up for sale.

Would it not be easier to try and get a sign erected on the main st. pointing out your premises with an arrow ?

That could be possible but I would really like to get the impulse shopper.Im missing out on the people that spot something in the window and come for a look around and hopefully make a purchase.So many women have cut back on buying clothes that they have to make a consious decision to come up to my shop but if I was on the main street they might spend on impulse.

There is a shop in athlone (womens clothing also) that moved from the main street (again street dead, closures etc) to a little up, nearer the new shopping center. They may be able to offer you advice.

I will look up that shop and see if they can advise me.I dont want to go from the fire to the frying pan.thanks for info.

elcato said:

Would it not be easier to try and get a sign erected on the main st. pointing out your premises with an arrow ?

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You would probably have to get planning permission for a sign.

Without giving too much detail, what kind of business do you have? Clothing, grocery, jewelley etc.

joanj said:

So many women have cut back on buying clothes that they have to make a consious decision to come up to my shop but if I was on the main street they might spend on impulse.

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I'm guessing from this post that your business is women's clothing. I don't think moving is going to make much inprovement to your business. Clothing during the recession is a luxury that many people are cutting back on.

The new shopping centre is a good example. Most of the shops there sell clothing and would have a large amount of footfall. It's common knowledge that many of these shops are struggling to make sales.

However one can never underestimate women's ability to spend money they don't have on impulse buys.

I was in the ladies fashion business for many years. My first location, through my lack of experience was not in the best location. I moved and increased my business turnover
about 250%.
The impulse buyer is very important in ladies fashions dont underestimate the value of habit. People passing your premises regularly will remember you when they need your merchandise.
Also carry some little low cost items to being the customers in like jewellery or other items relevant to your business.
You may be able to get a better location with the current retail situation. Also do look at trading to a slightly lower cost product, if you are in the high cost area.
There are some examples of retailers in the fashion trade, who have done this.
Good luck in difficult circumstances Browtal