As technology advances so does our means of gathering data. Does tech make retail site selection better or worse? The answer’s better—a lot better.
What Does Great Site Selection Involve?
Managing the site selection process well is not just about finding a location to set up shop, but also about understanding the impact of brick and mortar stores on online channels, managing consolidation, mitigating the risks of cannibalization, and planting your flag in a market to gain a competitive advantage. A great site selection process relies on in-depth insights into customers, competitors, and the market.
Advances in Technology
The insights required for great site selection processes have historically been difficult and time consuming to acquire. But today, technology is giving retailers access to information that they previously didn’t have at lightning fast speeds.
With access to GPS data from cars and phones and the digital transaction trail left by credit cards, acquiring data has never been easier. This data feeds advanced statistical models, which are accessed through web-based platforms for quick access to site-level intelligence. A core advantage of this type of technology is that retailers can quickly run detailed market analyses, shaving months off the time it takes to get up to speed on geographic areas they are considering.
In the past, without these self-generated analyses, retailers relied greatly on real estate brokers to guide them through what was a longer site selection process. Now, not only retailers but also restaurants use site-selection technology, from companies such as Buxton, to assist with their site-selection homework before calling their real estate brokers.
Retail Site Selection with Buxton
Buxton has access to the latest types of data used in site selection. With our resources, we are able to predict the potential of a new site before you set foot into the market, pinpoint the effect of cannibalization, and identify which locations you should consider closing or relocating.
Our site selection methods take into account differences in store performance by population density. We identify the factors that drive successful sales in different types of trade areas from urban, to suburban to rural. With Buxton, you can open new locations where there are large concentrations of your core customers without worrying about opening expensive mistakes.
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