VIAONE Restaurant Advisory designs growth strategies on behalf of national, regional, local, and emerging restaurant concepts that optimize your business’s operations and flexibility to achieve short-term and long term goals and objectives. With over 25 years of the operating side of the restaurant and corporate experience, we understand real estate is more than a line on a P&L statement. VIAONE Restaurant Advisory approaches the process from a couple of angles that cross over many different business functions. We find that real estate impacts restaurants in two broad categories, day to day operations and long-term strategy. Leverage VIAONE’s functional expertise to help craft and guide your real estate and restaurant business strategies.
Site selection for restaurants is more of a science than an art, but still requires a creative touch at times. Our team has successfully executed site selection services for some of the most globally recognized and local brands alike. Contributing to the growth of brands such as P.F. Chang’s China Bistro/Pei Wei Asian Diner, Dunkin’, Grimaldi’s Pizzeria, Crust Brothers Pizza, and Phoenix Wine of Scottsdale just to name a few. The ultimate goal for a successful market strategy, is to build or acquire sites, spaced strategically so as to not cannibalize each other, spaced efficiently to allow for continued long term growth and market penetration in order to reach the maximum top line revenue and saturation for that market. The ultimate goal for a successful site, is to deliver a profitable and sustainable asset, with a high level of service from a facilities support standpoint, to your operations team while giving your investors a strong return on investment.
When starting the site selection process, a more analytical approach will help you zero in on trade areas that meet the criteria for your specific business needs. Starting with a market study looking at any existing sites if any. Looking at spatial impacts and cannibalization of existing sites. Identifying new and existing target trade areas that fit your business and customer criteria. Then finally identifying sites within those trade areas that match the physical site criteria.
Once those trade areas have been identified, there is no substitute for boots on the ground. Data can tell you a lot about the trade area and whether your business will possibly succeed; but it cannot show you the physical characteristics of the building, visibility, ingress/egress, traffic patterns/volume, etc. Those physical characteristics are as important, if not more important, to a successful site as the characteristics of the trade area.
Lease expiration management is another important aspect of a businesses market strategy and in turn site selection strategy. Using cash-flow vs capital expenditure financial modeling to determine whether you renew a lease at an existing location, renegotiate your lease terms based on market rates and conditions, or find a new site is critical to a business market strategy.
All these factors are equally important when developing a market strategy for your business. Nobody knows your business better than you, but nobody knows how to apply that knowledge to an actionable strategy better than us.