How Can Market Analysis Guide a Business to Success?
A family with successful high-end Italian in restaurants in Milan, Hong Kong and London wanted to open a restaurant in a growing US city. The family engaged Research Design Associates for a site location study.
Research Design Associates conducted in-depth interviews with corporate managers to determine their dining and entertainment preferences and habits. Further, Research Design Associates surveyed office workers in the immediate surrounding area of the potential new restaurant to identify expected use patterns for specific mid-day services, including catering, web orders, counter service and carry-out.
While there was customer need and desire for this business, commercial real estate lenders were reluctant to take a risk on a restaurant that was not a known chain. Local realtors lack of understanding about the market pushed this business to another international city where it was wildly successful.