G2G Research Group offers a variety of products and services that are useful when considering new store locations, or expansions/relocations of existing stores. These services not only provide our clients with a better understanding of their customers, but a better understanding of their existing stores' trade areas and market penetration as well. Our services are as follows:
DESCRIPTION OF SERVICES
Sales Forecasting Models - The development of an analog forecasting model provides invaluable information to our clients regarding the relationship between their stores' sales performance and the various demographic, competitive, and site characteristics associated with each of their stores. In addition, the model enables G2G Research Group to conduct sales forecasts on behalf of the client, assuming the client does not have the personnel or resources to conduct the sales forecasts on their own. A sales forecast can be generated for a new store, or a relocation/expansion of an existing store. As a result, the client can determine whether the proposed new store, or the relocation/expansion of an existing store, is going to achieve sufficient sales levels to warrant their investment in the new store.
- Sales Forecasts - Once a forecasting model has been developed, G2G Research Group can accurately predict how a new store (or a relocation/expansion of an existing store) will perform. This is accomplished by comparing the new store location to the existing stores within the forecasting model's database. More specifically, the new store should perform the same as those existing stores that exhibit the same demographic, competitive, and site conditions. As mentioned previously, this would allow the client to determine if the proposed new location will meet the necessary sales and profitability thresholds to warrant their investment in the new store.
- Sales Transfer Analysis - An important aspect of evaluating a new store deployment is to determine how that new store would affect the sales of any nearby existing stores. G2G Research Group can accurately predict the level of sales that will transfer from an existing store to a new store, thus helping our clients determine whether the combined sales/profits of the new and existing stores are acceptable.
- Problem Store Analysis - G2G Research can conduct a sales forecast for an existing store to quantify its full sales potential. Those areas where the existing store's sales are below the forecasted sales represent "problem areas" where the existing store is not achieving its full potential. This analysis can provide the client with insight as to where (and why) a store underperforms, thus giving our client direction on how to improve the sales performance of the store.
Market Strategy Studies
- National Market Screenings - This analysis enables our clients to prioritize markets by identifying those markets that have the greatest concentration of in-profile customers and the weakest competitive environment. While this analysis does not identify specific new store locations, it does estimate the number of supportable stores in each market. As a result, our clients are able to focus their store expansion plans in those markets that will offer the most favorable/successful store performance.
- Store Deployment Strategies for New Markets - G2G Research Group can identify the store deployment strategy that not only provides complete coverage of a market, but also maximizes our clients' store sales performance. While there is a tendency for some retailers to select a few "home run" locations within a market, G2G Research Group analyzes the distribution of key demographic factors and competitors in the market to determine exactly how many stores are supportable in the market, and where they should be located in order to maximize sales and minimize vulnerability to existing/future competitors. This prevents "cherry picking" the market with too few stores, leaving untapped sales potential in that market, and also rendering it vulnerable to future competition.
- Store In-Fill Strategies for Existing Markets - G2G Research Group would evaluate the sales distributions of all existing stores within a market and identify those areas that are underserved by the existing store deployment network. We would evaluate the demographic and competitive characteristics of these underserved areas in order to determine whether they can successfully support a new store, and if so, we would quantify the sales potential (and any sales transfer from existing stores) for all of the new store locations. This enables our clients to maximize their sales performance within a market.
- Store Sales Distribution/Customer Distribution Mapping - G2G Research Group can provide computer maps that enable our clients to see how well their stores are penetrating a market. These maps can also assist in the identification of "voids", or areas that are underserved by the current store deployment network. These voids may represent new store opportunities, or they may represent areas that should be targeted with additional advertising/marketing efforts in order to improve a store's sales performance. These maps provide our clients with clear direction as to how to maximize its sales from a market.
Consumer Research Studies - G2G Research Group can employ a variety of consumer research techniques (listed below) in order to obtain crucial information regarding customer shopping habits, behavior, perceptions, and opinions. G2G Research Group would analyze and interpret the information gathered from customers in order to provide our clients with useful and actionable results and recommendations. This information can be used to determine what changes should be implemented to enhance the performance of our client's stores, and to monitor how those changes are being received by our client's customers.
- Customer Exit Surveys
- Telephone Surveys
- Internet Surveys
- Focus Group Surveys
Expert Witness Testimony - Our expertise in location research makes us qualified to assist our clients with letters of opinion, or to serve as an expert witness, in order to help them resolve any complex site-related issues that they encounter.