When it is time to expand your brick-and-mortar location network, getting site selection approvals from your company’s real estate committee can be a daunting process. Drawing from insights shared by industry experts in a Buxton client training session, we bring you top tips to navigate this critical phase smoothly and effectively.
Tip 1: Understand Your Audience
The first step in navigating the site selection approval process is understanding your audience. Identify key decision-makers involved in the approval process and understand their priorities. Are they focused on financial viability, operational feasibility, or strategic alignment? Knowing what matters most to your audience will help you tailor your presentation to address their specific concerns and interests.
Tip 2: Leverage Location Intelligence
Data and analytics are your best allies in making a compelling case for a site. Utilize Buxton's location intelligence tools, such as a site score model, site similarity analysis reports, and foot traffic reports to support your case with solid analytics.
Site scores are a great starting point because they provide a comprehensive overview of the potential performance of a location. Site similarity analysis reports provide additional context for evaluating the site and can also be a helpful starting point if you don’t yet have a site score model. These reports tell you how similar the site is to your existing locations based on demographic and psychographic variables you select.
Reid Petroleum c-store expert and New York Convenience Store Hall of Famer Doug Galli explains, I start off with the site score and compare it with our existing successful locations. This data-driven approach helps the decision-makers see the potential clearly.
Tip 3: Prepare Thoroughly
Preparation is key to a successful site selection approval. Ensure all relevant data is compiled and organized logically. Anticipate potential questions from the approval committee and prepare answers in advance.
Matt Reese, VP of real estate from Onelife Fitness, suggests, Having information in your back pocket can prevent being caught off guard and demonstrates thoroughness and readiness.
Tip 4: Communicate Clearly
Present your case in a concise and compelling manner. Use visual aids, such as maps and charts, to enhance understanding and engagement. Avoid jargon and ensure your presentation is accessible to all decision-makers, regardless of their technical expertise.
Nikki Viner, an experienced retail and healthcare real estate professional now part of the Buxton team, emphasizes, A clear progression of ideas is crucial to ensure your audience can follow your argument easily.
Tip 5: Address Concerns Proactively
Be prepared to handle skepticism by backing up your proposals with historical data and comparisons. If there are potential drawbacks or challenges, address them upfront and provide solutions or mitigating strategies.
Doug shared an instance where initial skepticism about a raze and rebuild project was overcome. We had to come back with a lot more background information. Presenting historical data on similar projects demonstrated the potential benefits and addressed the concerns directly,
he said.
Tip 6: Align with Operational Capabilities
Ensure that your site selection aligns with your company's operational capabilities.
Nikki highlights, You have to consider operational feasibility, such as the ability to hire the right people and maintain efficient operations at the new site. A site might look perfect on paper, but if operational challenges exist, it may not be viable.
Bottom Line
Securing site selection approvals requires a strategic and well-prepared approach. By understanding your audience, leveraging data and analytics, preparing thoroughly, communicating clearly, addressing concerns proactively, and aligning with operational capabilities, you can navigate the approval process more effectively. These tips, drawn from the experiences of retail real estate industry experts, are key to creating a compelling case for your next real estate committee site review.
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