Overview: Using data and insights making store location strategy
The ScS growth plan focusses on widening their target market, forging stronger relationships with customers and investment into existing and new showrooms to improve customer experience. To do this effectively, they needed to understand diverse demographics, and how their audience behaviours had shifted pre- and post-pandemic to shape their marketing and location strategy.
During fiscal year 2021, ScS undertook a review of its group strategy, initiating a comprehensive diagnostic stage that allowed a detailed examination of its core strengths and areas of opportunity. Part of the growth plan involved widening their customer base, forging stronger relationships, and injecting more investment into their showrooms to offer a more engaging customer experience.
The furniture retailer is now on a strategic path to grow its retail footprint, capture more customers and elevate its market share. Leveraging data intelligence and analysis of potential store performance are indispensable components in making informed business decisions and managing capital expenditure, particularly in the post-pandemic and high cost-of-living environment.
ScS were keen to utilise its existing data assets and key performance indicators, aligning them Experian market intelligence data to deliver increased confidence in marketing and store investment programme.
ScS is one of the UK’s leading sofa and carpet specialists. Founded in 1894, in Sunderland, Tyne and Wear, the retailer now has 100 stores across the country as well as operating online and over the phone. Today they employ over 1,500 people across the UK and are also listed on the London Stock Exchange.
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ScS are long standing Experian Mosaic users, enriching their first-party CRM data base to drive insights into target customer segments and the types of products they buy. With their view of the UK population, Experian analysed the ScS target audience across the catchment areas of ScS’s retail parks, spanning both existing and potential locations.
By utilising existing store revenue data, performance was correlated with existing sites to help pinpoint the optimum future locations for potential exploration. The analysis also considered the potential cannibalisation of sales across current stores as well as competition density. Furthermore, Experian leveraged retail location mobility footfall insights into the model to get a view of pre- and post-pandemic statistics to assess current location pull.Use data and insights to help plan store location strategy
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