It’s an interesting time to be alive, that’s for certain!
If you’re at all connected to the grocery business, you’ve probably seen the headlines about natural and organic grocery chains closing their stores:
There are times that it makes good sense for a chain business to expand, and there are times it makes sense for that chain business to expand in a different way than they have in the past (to better reach customers).
It’s that time of year when those of us in the business of retail real estate research are looking backward at the year prior. What retail categories grew? Which ones shrank? SiteSeer’s data partner, ChainXY, provides insights into over 4,500 chains in the United States and Canada. We dug into their three broad areas (retail, restaurant and services) to collect a snapshot of how chains that existed on January 1, 2019, grew or shrunk over the year.
Step #3 in our Site Selection Checklist for making smart site selection decisions is study your competition.
Too often, we see companies do lots of homework on their customers and trade area and launch right into an expansion plan. Understanding your customer is indeed vital to your success as you grow. But there’s another side of the equation that is extremely important: understanding who you’re going up against.
Attention retailers/restaurateurs/operators and executives of other chain businesses: have you ever received an email like this before:
When you’re in the business of leasing space or developing shopping centers, there’s one issue that probably matters to you more than just about any other: how can you find the best tenants to fill your space?
Every day, we talk with retail companies, franchise organizations, and other businesses that want to select sites that give them the best potential for profitability and success. Here’s the stark truth: most companies have room for improvement when it comes to site selection. And as we all know, hindsight is 20/20. It’s very easy to think back and wish that you knew certain things about a site when you chose it. While you should be wary of any company that promises a methodology or tool that sounds a lot like a crystal ball, there are certain things you can do to choose better sites in the future and minimize costly mistakes.
Maybe you’ve seen companies making bold claims about their site selection software lately. Thousands of sites accurately forecasted…in mere seconds! If you’re wondering whether technological advancements have replaced the analyst and single-site sales forecasting, allow us to put it simply: no.