Building reliable and actionable predictive models for retail site location is an entirely achievable goal, but one that requires awareness and diligence throughout the development process and beyond. All too often, misconceptions and over-simplifications lead to a series of common errors in the model application and, consequently, in the site selection process itself. For instance, retailers often make the mistake of failing to recognize the distinct nuances of market scale, market density and resort to a “one size fits all” mold for their new location. However, the key to effective store potential modeling is to know when distinct stratifications are necessary. Developing models that are sensitized to market and location types allows the retailer to account for the specific factors that are unique to each situation.
There are ways such mistakes can be avoided. Join us on Thursday, August 15th at 2 p.m. for our webinar, “10 Common Mistakes in Site Selection – How Do I Stack?” to learn more about:
- The subtle dynamic of population mass versus profile
- The appropriate uses and frequent misuses of a predictive model
- A universally alluring market, that generally disappoints – or even leads to disaster
- Failure to recognize the interrelationships between brick and mortar, mobile retail and social media channels
After reviewing the common mistakes in site selection, we will discuss the necessary performance benchmarks retailers should be using to gauge their own performance.
There are many complex factors that can influence a location’s sales performance. Join us to discuss the key insights that can help retailers and restaurateurs assess their market, analyze and benchmark individual store performance in the context of the entire network.