Make The Most of Future Retail Development With These Tips For Strategic Site Selection
If you want to make the most of future retail development, then it’s time to for a more strategic approach to site selection.
It used to be that most companies approached site selection as a tactical activity rather than a strategic one. No matter how many new locations you were planning on opening, there’s a good chance you treated each site selection individually. The goals for this type of process are often concrete and focused on specific locations rather than on how each site relates to a larger plan.
Strategic site selection, on the other hand, takes a more holistic view of things. With this approach, you’ll be thinking about your company’s long-term goals. You’ll also focus on figuring out how each selected site relates to those goals.
For strategic site selection, you’re going to want to take into consideration more than just how each site will work for your company today. You’ll also want to consider how site selection relates to your entire network of locations. In addition, you’ll need to consider future plans for expanding your network as well as the current state of your business ventures.
Of course, this means extra work on your part. But taking the time to research, plan, and strategize in addition to the other steps you take during the retail site selection process is going to pay off in the long-term.
Remember The Basics
As you’re developing your strategic, long-term site selection plan make sure you don’t overlook the basics of site selection. Choosing the right location for new retail expansion is key to success. You don’t want to overlook important factors about choosing individual sites because overall goals distracted you.
Strategic site selection starts with narrowing-down which cities and towns fit best with your long-term goals for building a network of locations. Once you do that, it’s time to zoom-in and choose the best site to build. For further information about this vital step, check out our articles on the most important factors in retail site selection:
- The Most Important Factors In Retail Site Selection: Part One
- The Most Important Factors In Retail Site Selection: Part Two
Evaluate Ongoing Performance
Part of strategic site selection is continuing to evaluate your site after selection. A location that used to work really well might not be ideal 10 or 20 years from when you first selected it. As you continue to track data on each location, you can adapt your strategy to include evaluating existing locations. Some under-performing locations might just need additional investment to reach their full potential. For others, the strategic decision might be shutting that location down and investing resources elsewhere.
If you want help with making your retail site selection more strategic, get in touch with us. We have extensive experience helping retailers find the best possible locations for their next expansion. Also, be sure to pick up a copy of my books. City On A Hill is a book about cities and how to make them better, and my new book The Devil’s In the Details addresses things that challenge city government and the language of development.