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When the steaks are high…
Helping Hawksmoor nail the perfect location strategy
If you’re looking for the perfect steak, the award-winning British restaurant chain Hawksmoor pretty much has it nailed. And now it’s trying to perfect its growth strategy too. Find out how our innovative technology is helping Hawksmoor plan its location strategy to ensure it’s in the right place at the right time.
“We pride ourselves on trying to provide the most ethical, highest-quality steak and dining experience in the industry, and wanted the best consultants in place to support our growth plans. It’s the Deloitte team’s deep sector knowledge, with such a unique solution, that’s proving so invaluable to us.”
A perfect storm
It’s no secret that the restaurant business is highly challenging. A perfect storm of rising costs, market saturation and consumers spending less on eating out means operators face tough decisions on where to open, where to close, and how to best allocate their capital.
Hawksmoor seems to have weathered that storm and is an incredible success story in London. Widely recognised as one of the best restaurant brands in the UK, it is now looking to expand across the country, with its first regional restaurant opening in Manchester in 2015. But because it invests so much on setting up and running each of its outlets, the choice of location is always critical to success.
That’s where LocationEdge comes in. Our tool crunches multiple data sources on supply and demand, offering clients a visual analytics dashboard that improves and accelerates their location-planning decisions.
LocationEdge now even includes data from our partnership with Visa, providing anonymised and aggregated transaction data into the analysis. Access to this data means we can give clients like Hawksmoor vital insights into consumer spending patterns in countless local markets.
Labour of love
Over eight weeks, we looked at the trading performance across all of Hawksmoor’s existing restaurants to determine the key drivers of performance. We used this information to help prioritise the locations Hawksmoor might look at, including a forecast of revenues for every square metre of each potential new site.
LocationEdge now forms the cornerstone of Hawksmoor’s estate strategy. Using the tool, senior management recently picked their second regional location, in Edinburgh’s St Andrew’s Square. The new restaurant opened in July this year.
So what’s next? We have more exciting developments planned for LocationEdge, including the introduction of aggregated consumer movement data, which enables detailed footfall information including time and day of the week, reason for visit, demographics – even down to web interest and activities.
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