When you’re in the retail business, location planning is a complicated process. There are many factors to consider when trying to ensure a location can be successful, but at the top of the list is making sure there’s plenty of traffic passing by that site (in other words: potential customers).
When you’re a retailer, restaurant chain or real estate professional, it’s critical to do your homework. Our data partner, ChainXY, makes that much easier, with their chain locational data that allows real estate professionals that are conducting market research to make informed decisions.
When Monarch Alternative Capital acquired Shopko Optical in May 2019, it became critical for the real estate team to have a powerful, easy-to-use site selection and analysis platform that would help the company continue to grow after opening 80 standalone locations.
“We needed an analytics tool to help us with mapping, evaluating real estate, and assessing trade areas,” says Donna Capichano, chief development officer at Shopko Optical. “The tool we were using previously was expensive and produced inaccurate results. It was time for something better.”
Step #5 in our Site Selection Checklist for making intelligent site selection decisions is to get the help of a broker.
Step #4 in our Site Selection Checklist for making intelligent site selection decisions is to define your site criteria.
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?
For several years, some of the most sophisticated, fastest-growing retailers and restaurant chains in the market have been using cutting-edge data analysis to discover actionable insights about their customers, brand, and competitors. Specifically, we’re talking about mobile behavioral data, which has the power to provide companies everywhere highly intelligent business insights.
If you’ve read about the importance of customer service, you’ve probably heard that making customers feel valued and heard is good for much more than just your brand—it’s critical to your bottom line. We've talked before about the cost of a bad location. How about the cost of losing a customer? Sources around the globe say that the customer experience is at the core of your customers’ buying decisions and that the cost of losing a customer can be more than you think.