New Location Planning

This article describes the setup and use of new location planning

Updated over a week ago

Overview

Opening new locations often forms part of any retailer's growth strategy, planning for new locations and accounting for the extra demand and inventory requirements can be difficult to keep track of. Toolio provides the ability to add and model new locations after existing locations

Setting up a new location

Navigate to Settings > Organization Settings > Locations and click on the add button.

Add the required information including the attributes and note the External ID must match the location identifier in the host system of record for seamless integration. To model the new location after an existing location, set

  1. Open date - the date on which the new location will begin selling

  2. Like location - the location you wish to model

  3. Like for like factor - the increase or decrease in sales expected from the new location over the modeled location. 1.2 = 20% growth over the modeled location

Note* The Like Location must have an opening date for the like for like metrics to be calculated.

Like-for-Like metrics

After calculation, like for like metrics will be available for the new location, calculated at the factor specified in the new location setup. New location inputs can be adjusted and recalculated as needed.

Like for Like metrics are automatically incorporated into the following functions

  • Sales Curves

  • Size Curves

  • Location Curves

  • Automated Clustering

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