Retailers use retail analytics software to choose best locations for new stores
November 15, 2015
Irving, TX – In a recent business news article of Boston Globe, retailers like Dunkin’ Donuts are featured to be using software program that aggregates data on demographics, competition, and traffic.
Grant Benson, vice president of franchising at Dunkin’ Brands Group, said that the application told them of the change in the demographics in the area where their store is located as their store’s drive-throughs attract more on-the-go coffee drinkers.
The retail industry has seen the increasing popularity of the use of software programs that help identify ideal new locations. These programs have reduced the amount of time to find potential sites with just few clicks.
Pranav Tyagi, president and CEO of Tango Analytics, remarked that for a retailer like Dunkin with multiple locations, finding a new location won’t take rocket science to do it. Tango Analytics is the software provider of Dunkin’. Tyagi added that Tango Analytics gathers detailed data on sales performances of existing stores, the presence of competitors, traffic flow, and local brand awareness to determine the ideal location for new stores. He added that the company is booming as 20 clients are added to its stable 150 clients this year alone.
The company saw 15 new clients added to its list in 2012. He said that 2013 has been a crazy year as “everyone is growing and the purse strings have loosened in terms of capital investment.” He added that people do not want to make mistakes or lose an edge today.