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.
Topics: Market Research, Retail Industry, Retail Site Selection, Site Selection Software, Restaurant Industry, Restaurant Site Selection, Competitive Analysis
There are two scary words that nobody in the retail industry likes to hear: retail apocalypse.
Topics: Smart Retail Growth, Retail Apocalypse, Data Study, Bricks and Mortar Retail, Retail Industry, Retail Site Selection
Every day, we talk with retail companies, franchise organizations, and other businesses that want to select sites that give them the best potential for profitability and success. Here’s the stark truth: most companies have room for improvement when it comes to site selection. And as we all know, hindsight is 20/20. It’s very easy to think back and wish that you knew certain things about a site when you chose it. While you should be wary of any company that promises a methodology or tool that sounds a lot like a crystal ball, there are certain things you can do to choose better sites in the future and minimize costly mistakes.
Topics: Retail Industry, Tenant Rep Brokers & Developers Industry, Retail Site Selection, Artificial Intelligence, Analyzing Retail Sites
Site selection done right requires many things, but at the top of the list is knowing your customers.
Topics: Demographic Data, Retail Site Selection, Data Quality, Restaurant Site Selection
When you’re trying to grow your business through expansion, it’s essential to do so methodically and intentionally. You’ve probably heard before that even one bad location can prevent your retail business or other chain business from reaching its full growth potential—or worse, kill your business entirely. That’s why investing in site selection when you’re expanding is critical. But how do you approach the task diligently? Here’s a checklist to guide your site selection decision:
Maybe you’ve seen companies making bold claims about their site selection software lately. Thousands of sites accurately forecasted…in mere seconds! If you’re wondering whether technological advancements have replaced the analyst and single-site sales forecasting, allow us to put it simply: no.
Topics: Retail Industry, Retail Site Selection, Site Selection Software, Artificial Intelligence, Analyzing Retail Sites
For a long time, site selection has been a combination of art and science. Site selection data and science became commonplace in the 1990s, but until the last decade or so, judgment, experience, and gut feel drove many retailers’ decisions about where to locate (and the reasons to do so).
Topics: Retail Predictions, Retail Industry, Retail Site Selection, Site Selection Software, Artificial Intelligence, Analyzing Retail Sites, Analytics Solution, Machine Learning
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.
Topics: Hotspot Analysis, Model Builder, Retail Industry, Retail Site Selection, Restaurant Industry
When a retail or service business chooses to expand their reach through franchising, acquisition or organic growth, a critical question that arises is, “How do we replicate our success?” The answer for most? Adopt a site selection process and use mapping and analysis software that will provide your company’s decision-makers with the facts they need to make educated site decisions.
Topics: Market Data, Retail Industry, Retail Site Selection, Site Selection Software, Analyzing Retail Sites
In the early days of chain retail expansion, developers would choose sites convenient to where their customers live, work, and shop and hope that sales and profitability would follow.
Topics: Retail Data Analysis, Model Builder, Retail Industry, Retail Site Selection, Analyzing Retail Sites
