Predict new location sales with sister store correlations
Use correlation analysis to compare and predict new store location potential when correlated to existing stores, similar demographics, market makeup and the competitive landscape.
Beat the competition by using much faster and more reliable predictive analytics to secure the best potential new store locations in any given market.
Sister Store Correlations (also known as fast benchmark sales forecasting) compare the consumer profile mix of existing restaurant locations to new locations you’re considering. With a strong correlation, you'll know that this potential location may be a solid performer within your expanding store network.
With Alteryx, Sister Store Correlation analysis can be performed quickly and for hundreds of sites in order to provide a first-mover advantage in the best new markets. Alteryx can ensure your correlation includes all key factors that identify the best fits for your business concept. Such analyses lead to nimble and reliable decision making, while reducing financial risk.
Benefits for business leaders
- Reliably predict the sales performance of a potential new restaurant location that closely matches the region and demographics of an existing location
- Manage menu planning with the insight of top performing sister store locations
- Regularly monitor consumer profiling trends to optimize correlated sites
Benefits for analysts
- Easily respond to last-minute urgent requests
- Use any standard or custom boundaries for trade area analysis, including drivetimes, radius, population density, or consumer segmentation
- Spend more time analyzing data, instead of gathering it
- Eliminate workflow bottlenecks