Looking for new places is the key to expansion. But you have to be organised and set specific goals to have the desired results. When you add science into the mix you know that you can’t go wrong with the process.
At Newgrove, we believe that science is essential to find the right places that match your best locations. The FIND tool in Periscope is using scientific data and by setting the right criteria, you can easily scan the country for the best locations.
In this blog post we are going to demonstrate how the FIND tool works.
Finding the Best Locations for a Coffee Shop Aimed at a Younger Demographic
Setting the Goal: The objective of the business we worked with for this example was to open a range of new coffee shops aimed at more affluent young people particularly students and those who have recently left university.
To achieve that, the company decided to target key demographics using the OAC classification including Students Around Campus and City Students. Furthermore, they wanted to add locations near a Waitrose.
The Process and Result: Taking into consideration the above mentioned, we selected the specific criteria into the FIND tool in Periscope and ran a scan on over 40,000 locations in the UK using a 0.5km hexagon geography.
When we did this the best locations in the UK were:
- Tyndalls Park – Bristol
- The Arboretum -Nottingham
- Jesmond – Newcastle
- Greenhill – Edinburgh
- Broomhill – Sheffield
Finding the Best Place for a new Retailer of Ethnically Sourced Clothing
FIND can work at different geographical levels targeting micro-geographies or focusing on large towns and cities.
Setting the Goal: For our next example we worked with a retailer who was targeting locations for a new concept selling ethically sourced clothing. Their target customers were people who would be looking for these types of products. In addition, their aim was to be near a range of other retailers in the fashion space and close to high footfall area of large shopping centres to attract a bigger audience.
The Process and Result: Using FIND we were able to determine that the optimum locations for those stores were a mixture of the largest city centres along with some other large towns with high levels of affluent and more educated populations. The results of FIND showed that the best 5 locations for this client were:
- Kingson Upon Thames
These are just two examples of how FIND, one of the key tools in Periscope, can help you plan your business strategy more clearly. Please get in touch with our team to find out how you can use it to grow your business and build a successful expansion strategy.