Site selection done right requires many things, but at the top of the list is knowing your customers.
Site Selection Checklist for Growing Retailers, Restaurant Chains, and Franchises
When you’re trying to grow your business through expansion, it’s essential to do so methodically and intentionally. You’ve probably heard before that even one bad location can prevent your retail business or other chain business from reaching its full growth potential—or worse, kill your business entirely. That’s why investing in site selection when you’re expanding is critical. But how do you approach the task diligently? Here’s a checklist to guide your site selection decision:
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.
Just as retail companies of all sizes have had to adapt in the digital era, so has the health care industry. Health care organizations have had to take a new approach to site selection, indeed, but for this data study, we’re looking at something else: the cost of health care.
When many retailers build predictive models to predict sales and overall performance of a store or business location, they spend a lot of time assessing demand, asking themselves a variety of questions:
For a long time, site selection has been a combination of art and science. Site selection data and science became commonplace in the 1990s, but until the last decade or so, judgment, experience, and gut feel drove many retailers’ decisions about where to locate (and the reasons to do so).
In early 2019, SiteSeer made major updates to our flagship software, SiteSeer Professional, including the installation of the latest version of Freeway, a third-party plugin by partner Applied Spatial Technology. Freeway provides the calculations behind the drive-time trade area boundaries you see in SiteSeer.
Location, location, location. Never has the phrase been truer to a business’s success than in the restaurant business. A fantastic concept in the wrong location will underperform, or worse, fail entirely. It’s important that you be diligent in your site selection. Here are five tips on how to improve your process:
You’ve probably heard about it, but what exactly is artificial intelligence? Artificial intelligence or “AI” is the process by which machines simulate human intelligence to solve problems and make decisions. There are many different outlooks on AI, but whether you believe that AI will be a positive force for society or the downfall of humanity, it is impossible to ignore the ramifications of this technology.
When sourcing new investment opportunities, your private equity team likely has a detailed series of steps to assess a potential investment for your portfolio and move into due diligence.