This is so because when there are economic downturn, purchasing power drops; people will often cut back on their spending for eating out and they will rather prefer to cook more at home. Food and drinks sales of the restaurant industry in the United States reached an all — time high;
Why should I register? Market analysis Market Analysis: Restaurant How can you open a restaurant if you do not have a deeper knowledge of the present market scenario? By Nusra Deputy Features Editor Comment Market analysis helps you to discover the feasibility of opening, expanding or continuing a restaurant in a preferred region.
It depends on certain factors: Your first step should be to study the industry trends. This will help you identify opportunities and threats in the industry that may affect your profitability.
You can get information for these from various sources: The next step is to understand the local market area demographic and economic statistics. This will help you determine the restaurant sales potential of the market area that your restaurant plans to serve.
It is important to decide the target audience for your restaurant. So understanding the customer preferences is essential in developing an appropriate concept.
If you are going to open a Quick Service Restaurant QSRyou have to focus on the younger generations and their food habits. On the other hand if you want to open a full-fledged dining restaurant, you have to create an ambience so as to attract not only the youth but also families. So it is concept that distinguishes your restaurant from others in the market area and attracts particular customer groups.
The existing market area restaurants can help you analyze demand and market opportunities. You must assess their competitive strengths and weaknesses and learn from their successes and failures.
So first identify the number of restaurants in your market area. Second identify restaurants that appeal to the types of customers which you plan to serve.
Third, you should identify all the other restaurants located in your immediate area because they will influence your business. Answers to questions, like how they are categorising their service; what type of food are they offering, etc.
This is very critical for your restaurant because it affects your ability to draw customers. You must ensure that your restaurant is visible, accessible, convenient and attractive to your market.
Your location and concept must complement each other and the site is chosen depending on market factors and not low price. A good location itself draws a greater customer. Size is another important factor to be considered before starting your restaurant.
You need to know the exact number of people residing near your restaurant so as to make the seating arrangements. Start comparing your restaurant with other successful restaurants in the market on certain points — what products are they using; how much money they are charging for a simple lunch order; is their quality better than yours; Is their service faster than yours and; what reputation have they created in the restaurant market.
It is very important to analyse the market very carefully in addition to the customers demand. Once properly executed, your restaurant surely stand strong to compete in the industry.4/8/ 1 Retail Location Analysis: An Award Winning Proposal for Locatinggg a Winning Franchise Restaurant Lauren Skinner Beitelspacher, PhD University of Alabama at BirminghamUniversity of Alabama at Birmingham.
Food and restaurant franchises are among the most popular options for blossoming entrepreneurs. Opportunities include franchises in a number of different industry niches.
Found franchise . The record proves the restaurant’s sustainability and profitability.
Together with our delicious products and efficient service, we boast our brand identity. The homey, traditional personality of . Location Analysis Of A Franchise Restaurant - Location Analysis of a Franchise Resturaunt Problem Statement: Boston Pizza International Inc.
is a Canadian owned and operated restaurant.
It has many facilities in Canada and has opened facilities in the United States and in Southeast Asia. Prior to opening a Steak ‘n Shake restaurant, franchisees and up to five of their managers are provided with 12 weeks of restaurant franchise training which will take place at the certified Steak ‘n Shake training restaurant.
Restaurants Optimize Site Locations Wendy's, Arby's, Culver's More and more quick-service restaurants and franchise owners are discovering the power of GIS to find the best sites for their restaurants.