When you’re opening a new business or expanding an existing one, there are a lot of decisions to make, but perhaps none is more important than choosing the right location. A bad location could mean the difference between success and failure and a mediocre location could mean you’re leaving thousands—or even millions—of dollars on the table every week.

All it takes is a quick Google search of “retailers closing” to discover news story after news story about retail chains large and small experiencing shrinking sales and closing locations. Yes, big chains like Macy’s, JCPenney, Sears/Kmart, Payless ShoeSource, and others have been shuttering stores. Some analysts and journalists have dubbed the last few years the “retailpocalypse” and are actively predicting the demise of brick-and-mortar retail. But is retail dying?  Let’s look at some of the reasons behind recent store closures to accurately answer that question.

If you’re a franchise organization, you know well how important it is to understand the markets into which you are expanding so you can maximize your potential and increase sales. Too often, franchise concepts come to us when they have 20 franchised locations when it would have been better to implement a consistent strategy from the start. While the shotgun approach to franchise expansion might not cause problems for a while, developing a territory plan before you sell more franchises will ensure that you don’t limit your overall capacity for growth. In other words, taking a smart approach to franchise development will allow you to sell more successful franchises in the long run.

Whether you’re launching a new retail or restaurant business or expanding your concept to open new sites, you know already that the location you choose is key to your success. But consider this stark fact: choosing the wrong location could lead to lost revenue that you never recoup and have a ripple effect across your chain—even if you have an attractive concept and a respected, established brand.

Retail site selection done right is all about using data to your advantage. If you’ve been largely successful in leasing vacant space, it probably means you have a good process in place to determine what retail and service gaps are missing in a trade area and fill those demands in your shopping center.