In our first installment in this series, we discussed why you should open an independent pharmacy. Today, we will focus on finding the ideal location for your new store.
The most important aspect of any retail store, not just a pharmacy, is location. You can offer the best products and services in the world, but if customers can’t find the store, you will fail. There are a few things to keep in mind when you select your location.
Research the Demographics
Look into the demographics of the area where you are thinking about opening a pharmacy. Prescriptions will be in higher demand in areas where there is an older demographic. Older people generally have more health issues and require more prescription medicine. By putting your pharmacy in an older demographic area, you are closer to your target demographic.
Look for Traffic and Visibility
Put yourself in a high-traffic area. It is useful to be in or near a major business district. Storefronts in major shopping centers often make good locations. You can also look for spaces near malls and other popular destinations.
Make sure that your location is easily visible from the street or by pedestrians if you are in an area with heavy foot traffic. Once again, customers will not visit you if they can’t find you. It’s as simple as that.
Open near a Hospital
Look for a location near a hospital, doctor’s office, or other medical center. The people traveling to and from these destinations are often looking to have prescriptions filled. Making yourself available at the time of greatest need will help drive customers into your location.
If you are near a doctor’s office, you may be able to start a relationship with the practice. You recommend the doctor to customers and the doctor might be willing to recommend your pharmacy to his patients.
Find Your Niche
Many independent pharmacists find success catering to a niche market. For instance, many pharmacies thrive in ethnic neighborhoods, if they are run by members of the same ethnicity. Look to see if there is a niche audience that you can serve. Then, look for a location that helps serve this function.
Once you find a location, you are on to setting up your pharmacy. If you have questions about this, contact Handy Store Fixtures today. We would love to be your partner throughout this process. Look out for part three of our series for more information.