Having the right retail site selection solution is crucial for any business looking to add new locations.
While site selection may sound like a daunting task if you don’t know where to begin, understanding the process will help you face tough decisions with the right information. Here’s everything you need to get started to ensure you’re making confident real estate decisions.
What is a retail site selection solution?
Retail site selection solutions evaluate a combination of data and analytics to identify the best possible location for your future retail store. This includes looking at your data, customer behavior data and other variables to find your best customers, identify potential store sites and model the growth potential of these locations.
Why is a retail site selection solution important?
A retail site selection solution is pivotal to your business success as the initial site selection decision affects future operational decisions. Site selection solutions will help you:
- Forecast potential revenue for prospective locations.
- Identify which markets offer the most potential for expansion.
- Avoid cannibalizing sales by opening too many locations in a market.
What data should be included in my retail site selection solution?
Customer Analytics: Your customers are the core of your business. This holds true for your site selection. To identify the best location for your retail site you need to know who your best potential customers are, where they are located and the likelihood they will visit your prospective location.
Market potential: You have many options for expansion, and your retail site selection solution should help you prioritize those options. A market potential analysis will you identify how many retail sites each existing or prospective market can support and which markets and trade areas will offer the greatest opportunity for your business.
Sales forecasting: Knowing who your customers are and the potential to reach those customers will help you forecast sales at your prospective retail sites. Your site selection solution should help you understand your investment and its growth potential.
How can I get started with a retail site selection solution today?
Site selection is one of the most important growth decisions you make as a retailer. Eliminate the guesswork and identify your best options with Buxton’s customer analytics.
Buxton’s approach to customer analytics combines your data with our own consumer data to build site selection solutions that produce actionable insights.