Multi-Unit Real Estate & Site Selection Advice - Population Characteristics
Earlier this year, contributing writer Sara Wykes interviewed several multi-unit franchise operators about how they handle site selection and real estate challenges in today's market. She spoke with a number of operators who talked about finding that perfect franchise location, one that augments the odds of success and reduces the risk of failure.
Here are some insights culled from her interviews:
What To Look For
Broken Egg Café and Chicken Salad Chick franchise owner Jake Alleman says he first goes after a full understanding of residential and workplace population characteristics. "Does it fit our target market? What is the daytime traffic like? I want to make sure there will be plenty of guests in the area during peak times who will dine with us," he says. "If the daytime traffic is low, we move on to the next location. I also want to know how a potential new store in a certain location would work strategically with the rest of the existing and planned stores within the overall market. The last thing we want to do is have locations too close to one another. Next, we consider site specifics such as occupancy costs, access, visibility, parking, co-tenancy, and other important elements."
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