How to duplicate your ideal location for pubs, breweries, bars, and restaurants

When it comes to property ownership, you may be familiar with the phrase “location, location, location”. Naturally, when it comes to residential property, we have a clear enough understanding of what this means – good transport links, or proximity to local amenities, for example. However, how to duplicate your ideal location for pubs, breweries, bars, and restaurants gets slightly more complex.

Firstly, you’ve got to consider the competition. If you’ve got a good business plan, the likelihood is you can share or take trade away from your competitors. But while competition isn’t necessarily a bad thing and can sometimes be beneficial (e.g. if your pub or restaurant is part of a ‘cluster’), it’s still something you need to think about carefully.

Demographics are another important factor. Your new location might seem like the ideal opportunity, but if local residents aren’t receptive, you’re going to struggle. While good businesses can always attract custom from outside the standard footfall areas, you should consider the types of people you’d like to see coming through your door and find a location with these core demographics.

If you’re in the hospitality sector and wish to expand, it’s likely that you’re experiencing success in your existing location. You might therefore want to duplicate this location in order to capitalise on your existing success elsewhere. But, is it really possible to find a carbon-copy location? With advanced location intelligence, it is!

Location matching: your key to success

Periscope® from Newgrove is a geospatial location intelligence tool that allows businesses to make informed strategic decisions based on local demographics, customer insights and existing company data. Its MatchIt attribute enables organisations to select factors that define their ideal location based on an existing high-performing site. MatchIt then highlights other similar locations based on demographics and other characteristics, presenting this information in a clear, visual format.

Using your existing data, MatchIt considers the core criteria which has made your original location successful. For example, if you run a lively pub near a university within a short walking distance of student halls of residence, MatchIt can take this into consideration. Likewise, if you run a popular haute-cuisine restaurant on the outskirts that attracts citywide patrons, MatchIt will search for a location with adequate parking spaces and transportation links.

After taking your key criteria into account, MatchIt will automatically plot each potential location, complete with credentials, onto your own personalised, corporate, secure version of Google Maps.

Gain a fresh outlook with location intelligence

With Periscope®, gaining valuable new insights is made easy. One of its most basic but useful tools is the ability to predict accurate customer numbers by location. Periscope® quickly compares your existing customer profiles to data on the demographics of local areas. This enables your organisation to work out how many potential customers you might have in a defined area. You can even go deeper than that, and work out which attributes are shared by your most high-value customers. This will allow you to duplicate your ideal location based on this data.

Do you want to duplicate your ideal location to set up a new pub, bar, brewery or restaurant? A member of our friendly and experienced team will be happy to talk you through the power Periscope®.

To go ahead and request your free 10-minute Periscope® demo, visit our website.