If there’s one thing we know in retail, it’s that consumer demand is always changing. While this constant and accelerating evolution can feel overwhelming, there are moves you can make to confidently plan for success, regardless of the maturity of your network, even amid uncertainty.
Many retail franchising brands are planning to expand their physical networks, just as many are planning on rationalizing and optimizing their existing networks in the face of rising digital e-commerce demand and rising operational costs. Now more than ever, developing a data-driven expansion/optimization strategy, and then executing that plan with speed and precision, is critical for gaining or maintaining a competitive advantage for access to the most desirable markets and real estate listings.
The three most common questions that retail and franchise organizations ask are:
- Where do I put my next location?
- Where are the ideal markets to grow my network over the next three years?
- With a mature store network, how do I optimize the network for overall profitability?
In this guidebook partnership with the Canadian Franchise Association (CFA), we outline our thoughts on how franchisor organizations can leverage data and market insights to address these important and ongoing questions.