How do you develop and maintain a pipeline of potential new store locations?

First things first, get clear on what makes a spot perfect for your brand—think demographics, foot traffic, and visibility, like you're curating the ideal backdrop for a luxury fashion show. Each potential location should tick boxes like ease of access and how it stacks up against competitors, kinda like comparing fashion trends. Next, keep that pipeline flowing by staying in the loop with real estate trends and local developments, almost like staying ahead of the curve on upcoming styles. Stay flexible too—sometimes a hidden gem can outshine the flashiest address. Lastly, it's like building a fashion collection: evaluate each site methodically, rank them based on your criteria, and keep refining your approach.

At this early stage, the key is to be clear on what would make a successful location. For chain brands, this should start with a detailed analysis on what makes current sites successful. Which are your top sites today and why? Be exhaustive - sometimes it's something simple like access to car parking while at other times it is a complex socio-demographic mix. Typically it is a balance of "must-have" factors and the rest can be handled via a scoring system. Use this as your basis.

Start by diving into your market, understanding its quirks, trends, and what makes shoppers tick. It's like studying the latest fashion trends but for locations—scan market reports, scope out local buzz, and even do some on-the-ground reconnaissance. Like how you'd spot emerging styles, keep an eye on areas with potential. Stay connected, too—network with local influencers or businesses to get insider tips, much like collaborating with brands in your influencer work. And just like adjusting designs to fit the market vibe, stay flexible with your criteria. Sometimes, unexpected spots can surprise you—kinda like finding that perfect vintage piece in an unexpected shop.

With a clear list of requirements of "must-have" and "should have" items, gather data. There are almost limitless data sources available online (some free, some for a charge). Bring these in and identify where there is sufficient customers to make a new site viable. You can also narrow sites based on your other criteria i.e. do you need direct access to major road networks? Does this specify a rough geography for you to work from?

Brokers are like those well-connected stylists who know every trend and have the inside scoop on the hottest spots. Just like curating your influencer collaborations, building a relationship with brokers means understanding their network and expertise. It's about finding those who specialize in your luxury niche and keeping them in your style circle. Much like negotiating with brands, working with brokers involves clear communication and mutual trust. Share your vision for new locations, discuss your needs openly, and let them work their magic in finding those hidden gems. And remember, just as in fashion, trends change—so keep your broker relationships fresh and stay open to new opportunities.

Hey, tracking your leads for new store locations is like managing a top-tier campaign. Set up a detailed system to monitor each lead's progress and feedback. Prioritize promising locations like high-impact collaborations. Adapt your pipeline based on market changes and maintain regular follow-ups with landlords and brokers. Just as in social media, staying organized ensures you're ready to launch the next big thing in luxury retail!

Flexibility is key when developing a pipeline of new store locations. Think outside the box—consider unconventional spaces like co-tenancies or pop-ups that align with your brand's vibe. Be open to adapting existing sites to fit your vision, whether through creative renovations or subleasing arrangements. By staying nimble and exploring diverse options, you can uncover hidden gems and innovate in the luxury retail landscape. It's all about finding the perfect blend of uniqueness and practicality for your next MCM WORLDWIDE store!

To maintain a robust pipeline of new store locations, it's crucial to regularly review and refine your strategy. Evaluate each potential site's performance and alignment with your brand's goals. Benchmark against competitors to identify strengths and areas for improvement. Address any challenges promptly and celebrate successes to motivate your team. Embrace a learning mindset—analyze both successes and failures to continuously evolve and optimize your pipeline. This proactive approach ensures you're always ready to expand with locations that resonate and excel in the luxury retail landscape.

I believe you must evaluate the available people resources. Will the area support the location with ample staffing to provide for the need? Are there quality candidates in the area? What is the unemployment rate? Is there a Large turnover in staffing in your vein of business? Vendor/Supplier support. Is this an area that your partners support? If not, are there alternatives to your supply chain? Are delivery times ample for your need?