No matter what business you’re in, understanding both supply and demand is essential. If you’re a chain business that is expanding your store base, you’re doing so under the assumption that what you have to sell is in demand. In other words, your product or service is not only appealing to consumers, but there is room for more of it in the marketplace. But what does that mean? Is there truly untapped demand and if so, how do you measure it?
SiteSeer is in the business of site selection software, but we do a lot more than that. We help growing businesses with their market strategy, including which markets to expand into, where to find the best sites and how to forecast store performance.
There is no question: data and analytics have totally changed retail site selection. Today’s companies use software like SiteSeer Pro to determine where their best customers are located and analyze potential sites that would best attract those customers (and new ones). Choosing a location based on gut feel will no longer cut it. Site selection software has the power to tell retailers and other chain businesses what markets they should prioritize as they consider expansion, what locations will yield them the most success, where the competition is and much more.
Topics: Hotspot Analysis, Market Research, Retail Site Selection, Site Selection Software, Analyzing Retail Sites, Competitive Analysis, Customer Analysis, Client Service, SiteSeer Professional Services
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.