Optimise Existing Store Network - Lighthouse

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This article shows into how businesses can assess whether sales performance challenges are due to internal factors or broader market dynamics. By correlating Huq's metrics with geo-spend and POI data.

Step 1: Correlating Metrics to Diagnose Performance (0:00 - 0:50)

Key Question: Is It Us or the Market?

The video begins by exploring the integration of Huq’s metrics with internal sales data to answer whether underperformance is due to internal factors or broader market conditions.

Key Insight: This step helps differentiate whether the issue lies with the store's operations or external competition and market dynamics.

Step 2: Analysing Footfall Trends (0:51–1:40)

Using Footfall Metrics to Assess the Area

The video focuses on the footfall in Wandsworth, emphasising the volume and patterns of activity, as well as the impact of external developments.

Key Insight: Understanding how footfall volume fluctuates across timeframes can highlight opportunities or challenges in customer engagement.

Step 3: Assessing Year-on-Year Performance (1:41–2:30)

The discussion transitions to analysing retail spend trends against historical data, revealing significant market growth.

Key Insight: Long-term trends provide context for assessing whether a store’s performance is aligned with broader market growth.

Step 4: Evaluating Competitive Dynamics (2:31–3:10)

The next segment examines how competitors like Black Sheep Coffee influence Starbucks’ performance in the area.

Key Insight: Recognising and adapting to new competitors is crucial for maintaining market share and customer loyalty.

Step 5: Understanding Dwell Time (3:11–3:50)

Dwell time offers further insights into consumer behaviour, which can affect sales and engagement strategies.

For businesses like Starbucks, longer dwell times suggest opportunities to enhance customer experiences and drive higher spending.

Key Insight: Longer dwell times indicate increased opportunities for businesses to engage customers and encourage spending.

Uncover peaks and troughs in annual, monthly, weekly, daily, and hourly footfall across any global site.

See trends across footfall, geographic origin, audience, and cross-visitation to identify gaps, avoid cannibalisation, and maximise the performance of your stores.

Harness foot traffic patterns, demographic data, and customer behaviour insights to pinpoint high-potential areas for expansion and tailor offerings to local preferences.

Dive into audience insights and crucial metrics for heightened sales. Explore how your stores align with this journey, then monitor and fine-tune for peak performance and superior marketing campaigns.

Measure market share across several performance indicators over time compare your performance against competitor and understand how the landscape is changing.

Ensure that your projects are making an impact with expert prepared insights and benchmarks that are catered towards your goals.

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