How do you conduct a competitor analysis for your store opening and closing strategy?

Go and try their product or services. Indirect competitors help drive innovation to your current products and service offerings.

Hey there! When strategizing for your store's opening and closing plans, think of it like preparing for a friendly game of chess. Start by identifying your competitors—those on the board with you and those making moves from the sidelines. Understand what they offer—like knowing each piece's strengths and weaknesses. Analyze their strategies—are they aggressive, defensive, or strategic in their positioning? Use tools like online reports and customer feedback as your secret playbook. Plan your moves—consider when to open and close, based on their patterns and market demands. Always stay agile—like a chess master adjusting to their opponent's unexpected moves. Remember, in this game, foresight and adaptability are your winning moves!

To conduct a competitor analysis for your store opening and closing strategy, start by identifying direct competitors in your area. Research their strengths, weaknesses, and market positioning. Analyze their pricing strategies, product offerings, and customer service practices. Assess their market share, customer demographics, and brand reputation. Identify any potential threats or opportunities posed by competitors to inform your store opening or closing decisions. Consider factors such as location, foot traffic, and market demand when evaluating the competitive landscape.

Start by observing when your competitors hit the floor—note their opening and closing hours, and any special moves like holiday hours. Dive into their online presence to uncover these details. Consider how these timings sync or clash with yours—aligning your hours to capture peak foot traffic or adjusting to offer convenience during off-peak times can set you apart. It's like choreographing a performance—where every move counts towards creating a seamless and engaging experience for your customers. Keep refining your steps as you learn—flexibility and responsiveness will keep your strategy in sync with changing market beats. Cheers to dancing to your own store's success!

Keep in mind their location relative to yours. Are you located in an area where its busier in the mornings or late evenings. If so, i would adjust my store hours to open or close a hour earlier or later.

Start by watching how they orchestrate their hours—are they pulling in early birds with morning specials or tempting night owls with late-night deals? Some might flex their hours during busy seasons or cater to spontaneous shoppers with flexible schedules. Pay attention to how they signal these offerings—is it through flashy signs, timely emails, or engaging social media posts? By deciphering these patterns, you'll uncover opportunities to set your store apart—whether by offering convenience, exclusivity, or simply being there when others aren't. Keep your strategy agile, adapting as you learn from their moves to keep your customers dancing to your store's unique rhythm.

One of our strategies we referred to as “shop the comp”, or shopping the competition. We would experience first hand what a guest of that retailer would upon shopping at various hours, not only taking in their presentations, promotions and products, but also understanding the people element through real life engagement with their employees.

I've found location has a major role to play. Movie theaters, restaurants and adjacent to grocery stores on holidays play a role into staffing hours and defining hours. Looking at services offered like delivery, tastings, etc... play a part in customer service.

An example would be local events like parades and park events, major sporting events, or other city driven events. These calendar exceptions skew sales patterns, increase/decrease traffic flow and change staffing needs. The competition could be in proximity of these events and easier for customers to visit.