With fashion shoots of any kind, there are 3 types of location that I can think of:
Let's discuss (so to speak, since I'm the only one talking, I mean writing, here) all of them.
Studio
This is the "classic" location for fashion work. It is favoured for beauty and product photography, the types of shoots where the background does not really matter. It is also often favoured for lookbooks, since again the background does not matter. But really you can do any type of fashion photography in a studio.
If you shoot in a studio, you usually enjoy the following perks:
Are there any disadvantages? Yes....
Some studio work
Juste is framed by a big hat, 2 lights (octabox and strip)
Carmen the fashion witch strides in front of a fresnel with a window-shaped gobo. One additional light (octabox)
Carmen touting 3-D printed jewels, 2 lights in front (octabox and strip), 2 behind the translucent wall (snoot)
Kae Kae sports a funky hairdo. 3 lights (octabox, beauty dish, snoot)
Closed Location
You are shooting in a closed space that is not a studio, such as inside a house or other building. Often done for editorial, glamour and commercial fashion photography, but again there is no rule that says you cannot do different genres.
The pros, assuming that you're legimately using the premises (i.e. you've rented the place or you've got permission), are:
The cons...
Tatiana dances on the floor - shot in an old palace, one light from the room below (octabox), rest is natural light
Kianna strides across - shot in a Manhattan flat, 2 lights (beauty dish and octabox)
Thais strides in - shot in a Manhattan flat, 2 lights (beauty dish and octabox)
Open Location
I am talking about shooting in an open space, with a roof or not on top. I mean streets, squares, rooftops, gardens, beaches, pools, parks, but also derelict, abandoned buildings, ruins, under bridges, tunnels, etc. etc.
Open locations are usually favoured for editorial and commercial fashion photography, with the usual caveat about doing what you want :)
The pros, assuming that you're legimately using the space (i.e. you've rented it or you've got permission), are:
The cons...
Ekaterina in an abandoned factory, 3 strobes with soft boxes
Lena on a bridge, 1 light with beauty dish
Matilda on the balcony, 1 ring light
Luna in the woods, 1 light with beauty dish
So do you notice a pattern? :) Things get progressively more complicate as the number of walls around you decreases.
What do I prefer? I prefer location! The wilder the better. I adore decrepit abandoned places, especially if they have an industrial feeling (real or perceived). I love the creative possibilities that locations give you. I work in studio nowadays only if I know that styling will be top notch and / or that there will be interesting props / sophisticated lightning to play with.