Understand what steps you can take to expand your current market or find a new market.
Steps when evaluating markets
- Use site sonar to find sub-markets with high revenue forecasts. To do this choose as many national brands as possible with a similar customer and real estate profile to your company. Common brands that are used include Starbucks, McDonald’s, and Walmart.
- After running Site Sonar utilize the heat map tool to understand the market by visualizing main variables. If your business has greater success with specific variables, use the heat map to identify markets that have a higher concentration of those variables.
- Drop pins at the potential real estate locations found by your real estate team and convert them to one of the proposed site types, such as a consideration site. Make sure to adjust attributes for the consideration site to reflect the type of location that would potentially be built. Check your updated Zeustimate.
- Validate the demographics by running a Savvy SitePak in the Report Wizard to ensure that any proposed locations are within the bounds of your current portfolio.
- Redeem mobile data on a nearby existing site and run Impact Analytics to see how the consideration site will cannibalize sales from the existing site (if applicable).
- Examine traffic patterns (ingress and egress) around your green bolt by using the traffic tool. Always support this with information from your broker.
- If all checks out Pull a presentation report and continue with the Site Selection Process.