LOCATION, LOCATION, LOCATION - Determining the perfect location for your community pharmacy!
Location is one of the most important factors to the success of a retail pharmacy. It is so important, it at times, can be the sole factor in the success or failure of a retail pharmacy. But how does one know if a particular location is going to breed a sustainable retail business? The answer is, it’s impossible to know for sure if a location is going to thrive, but there are ways to limit the risk of a pharmacy failing due to a poor location
Other Pharmacies – What other pharmacies are within your service area? Having a couple of high volume pharmacies close to your location can actually be a good thing. With very high volume pharmacies there have to be dissatisfied customers which means you have a built in customer base. A lack of pharmacy can be good also as it shows a need but also be cautious and try to find out why there is not a pharmacy there already.
Medical Offices – Look to see how many medical offices are within your service area. Visit these offices ask them if they perceive a need for more personalized care from a community pharmacy.
Population – A community pharmacy can thrive on a very small population, 3,000 to 4,000 people or in a huge population. The important thing with population is to look a it as it relates to competition in the area and your financial goals. For example, if the population is small and there is another pharmacy there may not be enough business.
Demographics – there are many sites and services that can pull demographic information including your local county/city government site, census bureau, etc. We use our wholesaler and a local realtor who has access to income, race, age etc.
Check out other articles by Independent Rx Consulting at http://www.independentrxconsulting.com/pharmacy-news.