10 July 2021
Company
3rd generation family business with 20 own furniture stores mainly in the Netherlands and a few in Belgium. Furniture is designed and produced in-house.
Situation
The entrepreneur is ambitious and literally wants to push the boundaries. Belgium is the starting point for international expansion. In order to maximize the chance of success of new stores across the border, detailed market information is needed, such as market size, target groups, profile of competitors, trends, online adaptation and, of course, the attractiveness of each possible location. There are ideas about new locations within the company, but these are not substantiated with data and/or professional opinions.
Approach
Gwynt has started collecting data to map the Belgian market for furniture retailers (data turned out to be limited). In addition to desk research, several managers and branch leaders were also interviewed and the stores of several competitors were visited in all parts of the country. The specific characteristics of the Belgian target group are also mapped out in this way. Potential locations for new stores were not only assessed on population density, income per capita, driving times within the catchment area defined by Gwynt and presence in the immediate vicinity of other retailers, but were also physically visited to test these variables in practice.
Results
5 new locations (up to city district/retail park level) which, according to the management, would be a perfect fit and could be realized within 1-3 years. In addition, 5 locations for the medium term in other catchment areas. Due to, among other things, cultural differences and other characteristics of the Belgian customer, Gwynt advises the most suitable formula (store size, assortment, online proposition, etc.).