I decided on two potential sites for my sports shop.
The first site was a shop in Market Place, Boston, and used to be a car accessories shop. The second site was a new development in Pescod Square.Market PlaceThis is described by the estate agents as a “prominent Market Place retail unit situated in close proximity to Boots the Chemists, Superdrug, Poundstretcher and Marks and Spencer. The position is further strengthened by the abundance of car parking throughout Market Place as well as regular markets held on Wednesdays and Saturdays”The shop is leasehold, meaning that it will be rented from the owner of the building.
The rent is ï¿½32,500 per year. There is 99mï¿½ of floor space.The estate agents are right about the prominent position of this shop.
It is on the Market Place and is in a line of very busy shops. As well as the big stores mentioned, the are banks, building societies, and other major name shops, as well as smaller family-run businesses. There are a lot of people passing the shop during the day.There is plenty of car parking outside the store most of the time. There are no other sports shops on that side of the shopping area of Boston. The shop gives you quite a lot of floor space and room for people to move around and look at the goods.
The rent is quite expensive, though, and will cost ï¿½625 a week. Because the shop is so big, it will need a lot of lighting and heating, and the business rates are likely to be high because of the town centre location.There is no car parking on Wednesdays and Saturdays because the Market Place become a market. The market stalls take up all the parking room. This means no parking on what could be the two busiest days of the week. The pavement outside the shop gets very busy on market days and this might mean that people will walk past the shop rather than stop to look in the window or come in.Above is a street map of Boston showing the site.
Below is an arial photographPescod SquareThe Pescod Square shopping complex is a ï¿½22 million development in the center of Booston that will, when it is finished, have 23 shops (including some big national names) and 400 car parking spaces. The first shop is due to pen this autumn and the whole development should be finished by May 2004.The shopping center is being built behind Marks and Spencer and Oldrids, the two biggest shops in the town, and will be next to the pedestrian precinct on Wide Bargate.Unfortunately, no prices are yet available for the rent on any of the shops in the center, and there are no precise details as to the actual floor sizeThis will definitely be the busiest place in Boston. The arrival of High Street shops, such as Next and Ottakers, in the town will mean that more people will come into Boston from nearby towns and villagers. The car parking will also attract persons to the centre.
The biggest problem with taking one of the units in the shopping centre is that there is already another large chain sports shop nearby. JJB Sport has a shop on Strait Bargate. However, this shop clearly shows the need for another sports shop in Boston. JJB Sport is always very busy, and the are often delays while people queue to pay for their goods. The shop they have is not really big enough for the demand for sports clothes and equipment.
Below is a site plan of the proposed shopping centreBelow is an artist impression of what the shopping centre will look like when it is completeI have done a SWOT analysis on each of the two sites I have mentioned.MARKET PLACEStrengths1. Close to some of the bigger shops in Boston2. Plenty of car parking available most of the week3. Away from other sports shop in townWeaknesses1.
Rent is quite high2. May be expensive to heat and light3. No car parking on Wednesdays and SaturdaysOpportunities1. Many people pass the shop, and a good window display could get them to come inside and browseThreats1. New shopping centre could affect shops in Market PlacePESCOD SQUAREStrengths1. New development that is attracting well known High Street shops2. Plenty of car parkingWeaknesses1. Do not know how much it will cost to rent a shop in the centreOpportunities1.
A new business in a new centre, with a chance to build loyal customersThreats1. A major chain sports shop is very near the new centre and will form part of it when finishedFinal DecisionI decided to open my new shop in the Pescod Square shopping centre. I made this decision because I believe the shopping centre will be very popular. It is indoors, and people will prefer to go there when the weather is bad. It is a smaller unit than the one in Market Place and will be cheaper to run and staff. Although it is near a branch of a major chain of sports shops, my shop will be more specialist and will attract customers who will come to mine for specific items as well as people just browsing.