Site Selection Strategies For The 2020s

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It's hard to believe that one-fifth of the 21st century has gone by, and yet, far too many businesses are relying on old technology & antiquated site selection methods to find the location of their next business.

Whether it's business expansion or even just the site of their first business venture, too many businesses are still looking for the perfect place the same way their grandparents did. Something about that just doesn't make sense.

Think about how everything else in your life has changed in just the last twenty years.
The way you use a phone, surf the Web, and even shoot the breeze with friends & family on social media is nothing like it was back in the days of Y2K. Cars can be purchased online, social media platforms have spawned millionaires, and mobile phones are the backbone of much of today's commerce.

Everything in the world is different, and this is certainly the case when it comes to retail site selection.

There was a time when most people found what they felt was a good spot for their business based on word of mouth or by just coming upon the ideal location. That guessing game is still in play, but considering how big an investment that can be involved in a retail location (based purely on a long-term lease, upfront capital, and possible new construction), it just seems more sound to invest one's time & resources into more proven strategies to finding the ideal retail spot.

It may be 2020, but there's no room for hindsight.

When it comes to solid strategies, it's all about taking the 'guess' as much out of the equation as possible.

Concrete numbers and data is where it's at and what your business needs. This data is actually more readily available than you'd imagine. Data can represent any number of variables specified by you, the business owner, and what you're hoping to do is take a large amount of info & narrow it down to more digestible, and relevant, info about your successes & failures.

Perhaps the most important strategy in site selection in 2020 is the creation of a predictive model or algorithm for the kind of success a retail site may offer. Essentially, this allows you to take data about a potential location & see if it may actually be a good fit for your business or not.
The more information that can be provided in the first place when creating the model/algorithm, the higher the accuracy that can be achieved. The model/algorithm also aims to provide a better idea regarding the kind of profitability that a retail location may offer.

It's important to note that when it comes to site selection, there is always the idea of the «final mile». Some of your favorite sports have owners & coaches who rely on data to help them put together strategy, but when the chips are on the table, they go with their gut.
The same can sometimes apply with retail site selection. Even with all of the models & algorithms, there will always be the element of the in-person visit. Just remember that while going with your gut can feel right, going with your gut while being well-informed with data is way better.

Alfred Sully Mears Photo should be the first place you call for the most up-to-date site selection strategies in the industry. They’ll also be the only place you need to call.

Check them out today.

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