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Look Before You Lease: Keys to Site Selection and Renewals
8
Assess your competitors nearby
sites
The more competitors around your site, the smaller the true
opportunity is in the trade area—you're all fighting for a slice
of the same pie. But it certainly doesn't have to be sliced
evenly, either. Even if your competitors are more established
and well known in the territory, you can still come away with
the lion's share of sales if you have a better site. (Especially if
you pair that better site with a stronger brand.)
If you want the best possible sales forecasts, you'll want to
spend some time analyzing your nearby competitors' sites,
too. Depending on your store, this may include looking at
competitors for each of your departments.
