This is part 1 of our two-part series. Here's part 2.
Whether you work in retail, commercial real estate or operate any business with a storefront, you are likely familiar with the concept of a trade area.
Two months into our global shutdown due to the coronavirus pandemic and one thing is pretty clear: there are some businesses that are inherently built to withstand a crisis like this one. One such industry: grocery.
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.
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.
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…
When you’re a growing retailer, it’s tempting to choose retail locations that are distant from one another to avoid negatively impacting your sister stores in the market. However, this strategy for analyzing retail sites 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.
Anyone who knows us personally here at SiteSeer knows that many of our team members have worked for, and with, the grocery industry for many years. So, when the news came out recently that Amazon was seeking to acquire Whole Foods, we were intrigued and surprised.
On the morning of November 8, 2016, pollsters seemed confident: Hillary Clinton would win the election for the next President of the United States. Of course, we all know what happened thereafter.