Many retailers and restaurants take the time every few years to ask "How can we improve our site selection?" Even for companies that are not growing are often managing lease rollovers, the question of whether to exercise an option, relocate, expand, renovate, or close is effectively a site selection decision.
I decided to examine the different ways a company could endeavor to improve site selection using an infographic. It is broken down by what you want to do to improve your process and then walks you through the steps to get there. It can also warn you if you are going down a path that you are not ready for.
The first question is the most crucial, "Does your company know which factors drive sales such that you can identify sites that share characteristics with your higher performing stores?" If the answer is "No," then you need to address that first. And NOT with a sales forecasting model. You need a qualitative and somewhat quantitative understanding of what factors drive sales to your sites - one that you can convey to your real estate reps, brokers, and other partners. If you don't have this, you cannot ascertain whether a given sales forecasting model makes sense. And since a model can never be the front line of a site selection process, you need people to be able to find the locations.
This infographic covers data, models, and speeding the site selection process using technology. I hope you find it useful.