Restaurant & Retail Site Selection (Keeping it Old School)
I am going to age myself here, but I remember counting cars for traffic data with a handheld counter. Sitting in a parking lot and counting customers and watching whether a customer went to multiple stops in the center or just one specific concept. Were they coming from work, or coming from home? Now there is cellular data that can tell you exactly where they have been and where they are going. More and more it seems that AI and various tech solutions are doing the things that used to be a manual process by an individual; but what about a process with more nuance? What about site selection for restaurant and retail concepts? That process can be tricky. Can software help find sites for a restaurant or retail concept? Can it replace the age old need for “Boots on the Ground”?
There are many software and tech platform options that that can help you narrow down sites for your company, emerging new concept, or existing concept. From Placer.ai, Buxton, ESRI, and Sites USA there are many choices for companies to use as they dive into the site selection process. Sites USA out of Chandler, AZ is one of my favorite GIS/Site Selection software for restaurant and retail site selection. You can upload customer data and really target the areas that “your customers” are in. Also, Sites USA has the ability to do a Void Analysis, Cannibalization Studies, and all the Demographic data you can handle. Using one of these tech platforms for your site selection is a great start to mapping out your markets and associated strategies; but in my opinion there still is no substitute for old school boots on the ground.
Leverage the software to map your customers, create a market strategy, and target trade areas but use on-site techniques to zero in on the best space for your concept. Here are some on-site variables to understand in order to find your next site.
How does the center trade? Anchor tenant with supporting tenant mix or individual concepts that make up the center.
Understand the Ingress/Egress Points.
Traffic counts and Traffic flow at different day parts. Is there a rush at a specific time of day, or is it a constant flow?
Ancillary support. Bus/Metro/Train stop? Park and Ride?
If you need advisory services regarding your restaurant and retail site selection please reach out!
Malik Hammack