{"id":4743,"date":"2024-12-09T15:49:01","date_gmt":"2024-12-09T10:19:01","guid":{"rendered":"http:\/\/geoiq.ai\/blog\/?p=4743"},"modified":"2024-12-10T12:42:27","modified_gmt":"2024-12-10T07:12:27","slug":"benchmark-successful-location-for-new-store","status":"publish","type":"post","link":"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/","title":{"rendered":"Benchmarking new store locations based on site scores of existing successful salons"},"content":{"rendered":"\n<p>A beauty salon brand wanted to assess its existing stores by pulling out site reports from GeoIQ\u2019s location AI platform <a href=\"https:\/\/geoiq.ai\/in\/products\/retailiq\" target=\"_blank\" rel=\"noreferrer noopener\">RetailIQ<\/a>. They wanted to check if the site scores in these reports align with how the existing stores are performing\u2014next, benchmark ideal scores to select the next set of locations for their new stores.\u00a0<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#The_Challenge\" title=\"The Challenge:\">The Challenge:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#The_Outcome\" title=\"The Outcome:\">The Outcome:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#About_the_client\" title=\"About the client:\">About the client:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#Methodology\" title=\"Methodology:\">Methodology:<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#Step_1\" title=\"Step 1:\">Step 1:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#Step_2\" title=\"Step 2:\">Step 2:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#Step_3\" title=\"Step 3:\">Step 3:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#Sample_insights_from_a_site_report\" title=\"Sample insights from a site report:\">Sample insights from a site report:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"http:\/\/geoiq.ai\/blog\/benchmark-successful-location-for-new-store\/#Conclusion\" title=\"Conclusion:\">Conclusion:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Challenge\"><\/span><strong>The Challenge<\/strong>: <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To benchmark site score and location factors ideal for their new store locations.<\/li>\n\n\n\n<li>Identify locations where shoppers are coming from to streamline their marketing efforts.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Outcome\"><\/span><strong>The Outcome:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Gained a comprehensive understanding of the performance metrics of existing salons, enabling the identification of potential high-performing locations. This analysis facilitated informed decision-making for new salon openings. All this while ensuring that selected sites aligned with successful benchmarks and key metrics of the existing stores critical to the success of a new store.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_the_client\"><\/span><strong>About the client:<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A premium salon chain known for its high-quality grooming services, offering a wide range of hair, skin, and beauty treatments. The brand is recognized for its professional approach, personalized care, and commitment to customer satisfaction. The brand wanted a data-backed approach to further its expansion and marketing efforts.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methodology\"><\/span><strong>Methodology:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_1\"><\/span><em>Step 1: <\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Generate site reports for existing salon locations to assess and analyze the key parameters critical to their business.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_2\"><\/span><em>Step 2: <\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once the reports are generated and key parameters are identified, benchmark them against existing stores to compare performance and identify high performers among new locations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Step_3\"><\/span><em>Step 3:<\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Generate site reports for potential locations to open new salons and shortlist those that meet the established benchmarks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sample_insights_from_a_site_report\"><\/span><strong>Sample insights from a site report:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An overall site overview and score highlight footfall, spend quotient, the growth trend, the presence of competing and complementing brands, and the size of the total addressable market. Each of these is elaborated further in the report.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXd16TP9IkyNZgB6OFUWBWTrTAeon-c8vJnyb6FPiF4GJguxl193mkWdEUfz3BqT6RYFleJznRMVHNE495IsuxxMGQ9i_PTGhaXi-Vv9r5TvZJv2byLjsJ80H7Gg8vg7Fh1pb7Ys8Xy7V_uxU4Y9UJzWl7pV?key=oyTRbAtnmpoVB5LNun3RoA\" alt=\"\" style=\"width:856px;height:auto\"\/><\/figure>\n\n\n\n<p>Further, the report provides an overview of the catchment potential at varying walk-time, drive-time, or catchment radius. It highlights the total addressable market based on household income, the trade area, and the presence of competing and complementing brands along with crowd pullers to provide a market overview.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeIq4N3awFtY1rc5ZmmHODFzqYiBQ2zD9MrJYCeJxc3HKmNVJUmt_WmrUJFJWsn1-m-7jGCSXSsJVHfi_oFHANyD9Hv4RJxm2KU7EYf0PJUTYLz4wwZ6YdTq4YJxF-UUddP1zEnM-ncPNhwIrVJyWKun58?key=oyTRbAtnmpoVB5LNun3RoA\" alt=\"\" style=\"width:859px;height:auto\"\/><figcaption class=\"wp-element-caption\"><em>Catchment potential for a 2km radius<\/em><\/figcaption><\/figure>\n\n\n\n<p>The site report also provides the hourly, daily, and weekly footfall trends to help plan staffing and resource requirements. Also, to identify areas with higher footfalls in general with the help of a street-level footfall heatmap.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdGLefX-dVLXqfnLKTPHPgXoDH6XnBAWNzVd1veCqMNqEc7I3mpWniQSRXPN52cZoTJJ6nHpBHVzL2WSJet4UwSH7_Qe7CdWHi3PZ8KEqAoFjBcBnNLyf7cAVODvom5RgIheWh-c8pkPnMrzHmq-00jOUFL?key=oyTRbAtnmpoVB5LNun3RoA\" alt=\"\" style=\"width:860px;height:auto\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><a href=\"https:\/\/retailiq.geoiq.ai\/in\/signup?utm_source=Blog&amp;utm_medium=CTA&amp;utm_campaign=blog+sign-up\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"300\" src=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-1024x300.png\" alt=\"\" class=\"wp-image-4440\" style=\"width:765px;height:auto\" srcset=\"http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-1024x300.png 1024w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-300x88.png 300w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-768x225.png 768w, http:\/\/geoiq.ai\/blog\/wp-content\/uploads\/2024\/11\/CTA-02-1536x451.png 1536w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>The brand can identify what percentage of its customers are coming from which location. This will help streamline its marketing and promotions only in those areas and significantly improve ROI. For a salon in Bandra, the customers are coming from the following locations\/ pin codes<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXceOgJEtkj9pQDTeJrHgNf7y5v8JP5mEpS0B1LwJgu8txBvpyUORatZMPNi9EngVNo4cjE3JmmbbrvvlQwpbb-PCRVLRIqpU4lFX6KCHOw4MgjgJQLDeJ9tC6ZvqwUkFGPElp2eJhH51EHvrJ7F6LiEhb2v?key=oyTRbAtnmpoVB5LNun3RoA\" alt=\"\" style=\"width:817px;height:auto\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>By leveraging GeoIQ\u2019s RetailIQ platform, the salon brand successfully validated site scores for their existing locations and established benchmarks for future store expansions. The data-driven approach not only helped in identifying ideal new locations but also allowed the brand to streamline its marketing efforts by targeting areas with high customer density. This strategic insight ensures better resource allocation and higher ROI for their future salons.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A beauty salon brand wanted to benchmark new store locations based on site scores and location characteristics of existing successful salons.<\/p>\n","protected":false},"author":7,"featured_media":4744,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[174,40,54,175],"class_list":["post-4743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","tag-location-ai","tag-location-data","tag-site-analysis","tag-site-recommendation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - 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