If you’re going to the effort of analyzing new retail sites, you should do the same due diligence when evaluating your existing store base. Your goal, after all, is to maximize the ROI of your store/location portfolio. And that involves being strategic about how you run your business.
SiteSeer's Look at the U.S. Cities with the Biggest Increase in Youth Population
If you’re a business that serves families with children, you’ve probably wondered: what areas in the United States are seeing the biggest increase in children? For our latest data study, we decided to take a look.
In August, we wrote a blog about how market research has changed over time—and there’s no question that it’s quite a lot. But as the saying goes, “the more things change, the more they stay the same.” Technology and the evolution of the digital era have definitely made their mark on the retail industry—and retail research. But there are many things about retail research that were true 25+ years ago and remain true today. Here are a few of the most notable:
Like many industries, the fate of retail was significantly altered when the World Wide Web was launched in 1991. Certainly, the retail industry has evolved for centuries prior…
In the early days of chain retail expansion, developers would choose sites convenient to where their customers live, work, and shop and hope that sales and profitability would follow.
If you’re in the business of retail development—whether you work in a retailer or other chain’s in-house real estate or research team or are a broker or developer trying to fill your shopping centers with solid, long-term tenants—it’s not enough to collect data. You want the best possible data that gives you accurate information upon which to make decisions.
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.