der Standort
location / site
The place where a person, building, or especially a company is located.
Die Firma plant, einen neuen Standort in Asien zu eröffnen.
The company plans to open a new site in Asia.

location / site
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location / site
The place where a person, building, or especially a company is located.
Die Firma plant, einen neuen Standort in Asien zu eröffnen.
The company plans to open a new site in Asia.

'Standort' (location/site) is a compound noun made from 'der Stand' (standing/position) and 'der Ort' (place). So it literally describes a place where something stands, is located, or is established.
Der neue Standort der Bibliothek ist sehr zentral.
The new location of the library is very central.
The most common use of 'Standort' (site/location) is in a business context for the headquarters, site, or branch of a company, factory, or office. Typical verbs are 'eröffnen' (to open), 'schließen' (to close), or 'ausbauen' (to expand).
Das Unternehmen hat mehrere Standorte in Europa.
The company has several sites in Europe.
In a figurative sense, 'Standort' (position/standpoint) describes one's own position or opinion in a debate. A fixed expression for this is 'einen klaren Standort beziehen' (to take a clear position).
In der Diskussion über die neue Reform hat die Partei einen festen Standort.
In the discussion about the new reform, the party has a firm position.
In biology or horticulture, 'Standort' (site/habitat) is a technical term for a plant's habitat with all its conditions. Typical adjectives are 'sonnig' (sunny), 'schattig' (shady), 'feucht' (moist), or 'trocken' (dry).
Diese Pflanze bevorzugt einen schattigen Standort.
This plant prefers a shady site.
place / town
'der Ort' and 'der Standort' can both mean the place where someone or something is located. 'Ort' is more general and works in many everyday situations. 'Standort' sounds more precise and is used especially when talking about buildings, companies, devices, or a person's current location. For example, you say 'der Standort der Firma' (the company's location) or 'meinen Standort senden' (send my location). Learners may confuse the words because both express 'where something is'. 'Ort' is the simple general choice, while 'Standort' fits better for a fixed or precisely defined location.

Der neue Standort der Firma liegt direkt am Bahnhof.
The company's new site is right by the train station.
Im Park gibt es einen schönen Ort zum Lesen.
There is a nice place to read in the park.