Verification surveys for retailers: The benefits of up-to-date floor plans and space data
Making the most of merchandisable space requires accurate data - we take a look at how this can be achieved.
Maximising returns on a retailers most valuable physical asset
With rising costs and an ultra-competitive sales environment, retailers need a consistent approach to maximise returns on their most costly but valuable physical assets.
Making the most of every inch of merchandisable space requires accurate data of every store across a retailer’s property portfolio.
As built store survey rolling program
With refits and seasonal refreshes, maintaining this information can be challenging. A rolling program of as-built or verification surveys is often required to collect and record this vital data.
StoreSpace Insights can provide survey deliverables including 2D drawings, floor plans, sections and elevations, as well as site plans or 3D BIM models supplied by our industry-leading measured building survey partners, CADS Surveys.
How do key retail stakeholders use accurate space records?
Accurate knowledge of available space across a retail estate offers numerous benefits to multiple departments which we’ve outlined below.
1. Merchandisers and space planner
Leveraging merchandisable space records to create visually appealing displays and plan location of product & range assortments, merchandisers and space planners also use the data to design customer flow through stores by strategically locating category space.
2. Store operations
In store teams then use these floor plans to efficiently implement the proposed store layouts and optimise product placement to enhance the overall customer shopping experience.
3. Facilities management
Critical compliance to fire safety and other legal HSE regulations are achieved with the use of accurate floor plans as well as allocating resources and planned maintenance activities.
4. Finance and budgeting
The finance department relies on accurate space records to calculate rent, utilities, and maintenance expenses.
5. Marketing and sales
Floor plans inform instore promotional activity plans, supporting sales and enhancing the customer experience.
6. Stock management
Accurate Back of House verification surveys support efficient stock management provide insights into available storage capacity and help to streamline stock replenishment processes.
7. Business expansion
When exploring the acquisition of new locations, retail development teams use floor plans and other space information to assess the suitability and potential of different premises based on their available area and layout
8. Data analysis and reporting
Finally, data analysts also leverage space records to generate reports, and analyse key performance indicators (KPIs), to identify trends and patterns that can inform strategic decision-making.
Accurate space data provides cross-functional benefits for retailers
Overall, up-to-date linear meter and merchandisable space records have cross-functional benefits for various departments and key stakeholders within a retail business. The data enables informed decision-making and KPI reporting.
It also enhances the process of optimising the available space and reduces the need for physical store visits making the process more efficient. Accurate as-built survey data underpins these advantages.
A decade of trusted partnership
Accurate merchandisable space data is vital for retailers like the Watches of Switzerland Group in optimising their retail spaces, monitoring KPIs, and making informed decisions.
The ongoing 10-year partnership between the Watches of Switzerland Group and StoreSpace Insights showcases the value of accurate as-built survey data in enhancing efficiency, space management, and overall business performance.
StoreSpace partners with a professional measured and laser building survey company for the retail market who are experienced in delivering complete retail estate surveys at speed, as demonstrated in their Polo Ralph Lauren case study.
Optimised store layouts with StoreSpace®
The Watches of Switzerland Group is also a client of StoreSpace® software, benefitting from optimised store layouts through our innovative retail space planning software. For retailers seeking a complete data solution package, StoreSpace Insights offers a wide range of surveying services from their trusted partners to support your projects and achieve your goals.
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