“Where to open my retail store?” This question haunts retailers worldwide. Retail expansion requires significant capital investments. Thus, the onus is on the retailer to achieve profitability to pay back the investments. Resulting in retailers adopting strategies to reduce the break-even time. But, this is predicated on the identification of a profitable location. Poor location […]
Sun Tzu famously said, “Know your enemy and know yourself and never fear the result of a hundred battles.” Competition mapping is the starting point to accurately develop a comprehensive expansion strategy for a retail business. Competitor analysis also known as competition mapping is the strategic process of analyzing and evaluating your competitors’ strengths, weaknesses,
When walking down a street you might have noticed how some locations seem to have higher than usual activity. This location might be a tourist attraction, a fast-food restaurant, or even a corporate headquarters. These are locations that can represented by their geographic coordinates and represent a location of value to myriad people. But what
Your BD team might scout what seems like the perfect location, but beneath the surface lie hidden dangers. In the realm of site selection criteria, retail expansion plans require a nuanced understanding of various factors to ensure success. Inadequate insight into site selection strategy can derail even the most meticulously crafted expansion plans. In this
Incorporating inferences derived from foot traffic analysis of a site location can help retailers develop a comprehensive framework to drive profitability. Footfall or foot traffic patterns of a street are a key aspect to the success of a retail store. While high footfall on the street is an indicator of anticipated success, the characteristics of
Expanding a business requires the implementation of retail expansion strategies to naturally grow a company. But, it can also be full of challenges. A business can avoid the perils of failure by avoiding common pitfalls and taking practical steps. Understanding the factors responsible for a successful retail expansion helps reduce gut-based decisions and the break-even
