Trying to woo Millennials has become an important part of many retailer’s customer acquisition strategy. Lowe’s recently announced that they will use Vines and targeted window displays to reach this market, and Red Robin has announced a strategy to remodel their stores to address the requirements of this new market, while still meeting the needs of their loyal customers.
” The Greenwood Village, Colo.-based restaurant chain is spending millions of dollars to create three distinct sections, based on diner demographics, in an attempt to tackle customers’ biggest gripe — noise — while also helping sales, trimming costs and setting itself apart in tough environment for casual-dining establishments.”
Companies like Red Robin can only achieve this by linking their real estate strategy and execution.
Starting with Predictive Analytics will not only help identify locations that fit the new profile, but will also allow retailers to model the increase in sales that would result from the remodel. That information can then help inform Market Planning by determining which markets are relevant – and then identifying the locations within those markets that are the right fit for the remodel. Finally, once the locations are identified, a Project Management solution will facilitate the build out and manage strategic and capital plans, as well as managing the development pipeline.
The interconnection of these three processes will ensure that your strategy and execution are always tightly aligned – and that one helps inform the other. To read more about the importance of linking your real estate and store development strategy to its execution, download this White Paper.
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