Last month on the blog, we talked about capital planning that focuses on improving the stores and locations already in your portfolio to ensure they each fulfill their potential. If your capital plans include opening new stores as well, you want to ensure you are making decisions that maximize your returns.
Many businesses trying to grow the smart way recognize that capital planning involves an analysis of both short- and long-term needs and goals before they decide where their dollars are best spent. Regardless of how you plan your budget, your goal, of course, is to boost revenue. The question is: what capital expenditures are most likely to make that happen?
Your community’s retail strategy can be proactive or reactive. A reactive strategy means that you evaluate businesses as they show interest in your community, rather than having your economic development team seek them out. Even if your community is in the enviable position of having the attention of the businesses you want to attract, is usually still makes sense to have a proactive strategy to ensure that you shape the type of environment desired by your residents and visitors.
Brokers and developers: if you knew that you could close more deals by making an easy change to your methods, would you make that change tomorrow?
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:
Growing retail and restaurant chains know that doing high-quality, data-driven research as they expand and open new locations is always worthwhile.
When you’re expanding your business, knowing the potential of your market is so important. And for many growing retailers, population growth is an important factor.
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…
If you’re a broker working with a new-build shopping center or a developer filling your own center, it can seem like an overwhelming job at the outset. Step number one is identifying an anchor tenant that sets the tone for the shopping center and fits the customers that are likely to be attracted to your center.
When you’re a growing retailer, it’s tempting to choose locations that are distant from one another to avoid negatively impacting your sister stores in the market. However, this strategy can leave gaps in the market that put you at risk of a competitive entry or worse, leave dollars on the table when you could have had three stores in the market instead of two. The goal, then, is to plan a network that maximizes your market share without overly cannibalizing your own sales.