The growth and expansion of brick-and-mortar businesses often involves selecting a site for an additional location.
If you could magically set your business down in the perfect spot, where would it be?
When choosing where to put a second (or third or fourth) location, you can use our market research to compare the different places you’re considering, down to the neighborhood. While no magic is involved, the results are pretty astonishing.
To get an idea of what we can do, check out these examples of market research ASBTDC prepared for business owners looking to add locations, either in the same city or a new one.
Expansion to New City
When the owner of a popular restaurant was considering expanding into other Arkansas cities, ASBTDC market research helped her evaluate prospective locations.
- A custom-designed Comparison Report provided key demographic, spending, and behavioral data for her current location and three other cities of interest.
- The Dining Out Infographic (shown below) served up key dining measures at a glance, including spending by meal and by restaurant type, for a specific geographic area.
Expansion to New Location in Same City
The owner of a drive-thru coffee shop with two locations contemplated opening a third in another area of the same city.
- ASBTDC’s market research experts created a Comparison Report that showed similarities and differences between the proposed location and the two existing locations. A nearby competitor location was also included in the report for reference.
- Traffic counts and prominent Tapestry lifestyle segments further aided the client in evaluating the market potential for the area under consideration.
The information prepared by ASBTDC improved the business owner’s ability to make important decisions regarding the feasibility of expanding to a third location.
Request Market Research Resources for Expansion
Are you looking to expand to new locations? Let an ASBTDC consultant show you how our market research can help you make data-driven decisions at each step.