Location, location, location! There’s a reason real estate pros joke that the three most important factors in a piece of property are the exact same thing.
If you’re a restaurant chain or real estate professional representing a chain that is expanding in the United States, you should be using Restaurant Trends. This data provider is one of a kind, offering competitor store-level sales data for over 480 restaurant chains across the United States, which they have tracked since 1984. They track all of the major quick-service, fast casual, and full-service restaurants in every state in the U.S.—that’s more than 184,000 locations.
Over the last year, the business headlines have been dominated by companies that have struggled—the restaurants, retailers, and other independent and chain businesses that have seen decreased demand or been forced to operate at reduced capacity for the majority of the past 13 months.
The COVID-19 pandemic has changed just about every business, and while some are struggling because their target customers have different needs and buying habits now – whether by choice or due to government mandates, others are experiencing inflated sales because the product or service they provide has become more important to buyers than ever before (we’re looking at you, grocery stores).
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.
Attention retailers/restaurateurs/operators and executives of other chain businesses: have you ever received an email like this before:
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:
We’ve said it before and we’ll say it again: brick-and-mortar retail isn’t dying, it’s evolving. Yet, browse the latest articles on retail development and it might not seem so certain. SiteSeer’s team just returned from the International Council of Shopping Centers RECon show in Las Vegas, where attendance was down from years past. It caused us all to wonder: is the market slowing? Are deals still getting done? Is the so-called retail apocalypse actually upon us?
In Model Builder, one of the most popular tools within SiteSeer, users can create hotspots to narrow down hundreds or thousands of locations across a market to those that are likely to offer them the highest chance of securing a successful site. If you’re a broker or shopping center owner or developer, hotspots can supplement your own expertise with data that tells you if the retail or restaurant chain you’re working with is a good fit for your center or not.
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.