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.
If you’re expanding your retail or restaurant chain without any sort of plan in place, hit the pause button. It’s one thing to plan the opening of one new location, but it’s an entirely different endeavor to plan for five or 50 locations.
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.
In the world of retail, it’s very common to see businesses that experience some success with one location make the (sometimes hasty) decision to add another (or several)—and for them to want to move quickly. Whether it’s a private company that has their sights set on growing and selling their business or a public company aiming to achieve growth goals, there are lots of reasons that companies want to grow.
Whether you’re launching a new retail or restaurant business or expanding your concept to open new sites, you know already that the location you choose is key to your success. But consider this stark fact: choosing the wrong location could lead to lost revenue that you never recoup and have a ripple effect across your chain—even if you have an attractive concept and a respected, established brand.