The Importance of Location in the Laundromat Business
Being a part of the coin laundry industry goes beyond just having the best commercial laundry equipment. A laundromat is a large investment, requiring many important business decisions to be successful. One of the most important decisions that goes into opening a vended laundry facility is the location. Any laundry distributor will tell you that the key to operating a successful laundromat has to do with its location because it directly impacts vend prices, store traffic, profits, and more. Location, location, location. It matters when opening a laundromat!
It Drives Demographic and Real Estate Search Criteria
Profitability is at the forefront of any business owner’s mind, especially in the coin laundry industry. With many laundromat owners typically seeing a 20-35% return on investment, making your facility as profitable as possible, as quickly as possible, is important. This all starts with choosing the ideal location for your laundromat:
- An area where a high percentage of the community are renters
- A demographic that is medium to low income
- Housholds that average towards a larger family size
- Close proximity to additional “need driven” shopping destinations
- Real estate assocated costs that suite a laundromat business and investor’s budget
It Affects Your Vended Laundry’s Customer Loyalty and Retention
Creating a safe and desirable destination for your coin laundry customers is such an important factor when selecting a location. Establishing your laundromat in a highly visible area next to other businesses that are geared towards middle to low income demographics is key to forming customer loyalty and retention. Just because a location may be highly visible from the road, doesn’t mean it’s always accessible. Make sure that your laundromat will have ample parking with an easy-in, easy-out parking lot. Ease of use is crucial for keeping store traffic and profits high.
It Dictates Your Laundromat’s Store Layout and Flow
Both the flow and layout of your store are crucial to creating a usable and profitable space. The ideal footprint to look for is anywhere between 2,000 and 6,000 square feet depending on your geographical location and how competitive your regional market is. You want to ensure that your building will provide your clientele with an easy-to-use, logical space and allow yourself to stock it with profitable commercial laundry equipment.
Location matters when it comes to the coin laundry business. Set your investment up for success by choosing a laundry-focused area that will drive customer loyalty, profitable business decisions, and is easy to use for your customers. If you’re looking to enter the commercial laundry industry, Coin-O-Matic offers the support you need to make your laundromat successful. Our team has multiple coin laundromat locations for sale and works with new laundry professionals to develop, manage, and grow their investment every step of the way. If you’re looking to open a coin laundry facility in our service area, contact Coin-O-Matic today!