disadvantage located near to other pharamacies
Disadvantage for whom?
for a current pharamacy
e.g Madeenah pharamcy is located near to other business what is disadvantage being located there
Two pharmacies that are close to each other would share the business. In my neighborhood, a long-standing drug store went out of business when a grocery store a block away added a pharmacy.
One disadvantage of locating a pharmacy near other pharmacies is increased competition. Being in close proximity to other pharmacies means that you will have to compete for customers within a limited market. This can lead to reduced customer loyalty, as customers may choose to visit the nearest pharmacy rather than specifically choosing your pharmacy.
Additionally, increased competition can drive down prices. If multiple pharmacies are offering similar products and services, they may engage in price wars to attract customers. This can result in lower profit margins and reduced profitability for all the pharmacies involved.
To arrive at this answer, I considered the concept of competition and its impact on businesses. By understanding basic economic principles, it is possible to identify the potential disadvantages of locating a pharmacy near other pharmacies.