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Should I expand my stores to other cities in 2022?

Retail store expansion strategies are one of the most fundamental issues for growing retailers. Opening a new store can be a game changer if you get the location right, or your new store could be doomed to failure if the location doesn’t attract enough customers.

Thursday, March 24, 2022

In addition to geographical factors, such as transportation accessibility and real estate prices, demographic factors and mobility patterns in the areas of interest play a key role in decision making. These data on population, purchasing power and consumption habits are what generate an optimal expansion strategy.

And it seems that the end of the pandemic is encouraging the retail sector to return to the upward path it was on before 2020. According to the NRF (Natural Retail Federation), the U.S. retail sector announced that new store openings in 2021 were double the number of stores closed in the same period.

Also Read: “Footfall analytics: Costco Wholesale Vs. Sam’s Club“

Organizations are relying on the efficient use of big data and location analytics as the backbone of all their processes and decision making, reducing the risks of new investments associated with expansion plans and new store openings.

The use of big data management techniques simplifies the analysis of expansion managers, since it is possible to reduce hundreds of potential locations to a limited group with real sales potential, defined by the model.

Today, thanks to Big Data, store site selection is much more efficient and less risky. Read the complete article here

Do you need to implement mobility strategies and predictive models to expand to other cities? Contact us!

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Branch expansion with predictive analytics

March 2022

Predictive location, and foot traffic analytics reveal valuable information that helps retailers to choose the right location when setting up geographic expansion strategies.

How are predictive analytics models used to determine the optimal location for a new facility?

Geomarketing & Retail Expansion Plan: Case Study

December 2021

Organizations rely on the effective use of big data and geomarketing techniques as the backbone of all their processes and decision making, reducing the risks of new investments associated with expansion plans and new store openings.

At PREDIK Data-Driven we support global corporations to optimize their expansion strategies with 100% data-driven methodologies. One of our clients, a regional sporting goods retail corporation, was able to reduce the risks of its expansion investment plan by relying on solutions generated by mobility analytics, location intelligence, geomarketing and point-of-interest characterization.

Footfall analytics: Costco Wholesale Vs. Sam's Club

October 2021

Big Data technological tools and spatial data play a very important role in business by measuring footfall and helping to understand consumer behavior patterns in any given area of interest or point of sale.

Footfall analytics, location intelligence and point-of-interest categorization have revolutionized the way the retail and wholesale industries implement expansion, commercial and operational strategies in the franchised warehouse clubs.

Expansion Plans Data Science Models

September 2021

Business intelligence and technology tools enable retail businesses to deeply analyze the behavior of their customers inside and outside their stores, in order to identify the ideal location for future expansion plans.

The data science models are the third phase of location and mobility intelligence analysis, helping retailers to assess the market potential of areas of interest for new store openings and identify optimal potential locations for expansion. These are divided into three steps: