Defining a strategy for an anchor retailer
Strategic Planning, Creative Solutions, and Client Advocacy Results in 30+ new stores
Hobby Lobby, a privately-owned arts, crafts, hobby and home décor store, was seeking expertise to represent their expansion in the Georgia market. At the time, Hobby Lobby was considered a regional chain and only had a limited presence in Georgia. Their expansion plan was comprised of two primary strategies:
- Relocate existing, underperforming locations to central retail areas
- Establish new locations in urban, suburban and rural markets.
SRS devised a market plan based on Hobby Lobby’s feedback for urban, suburban and small markets. SRS employed demographic profiles, drive time studies and competitive research to help identify markets to penetrate. In terms of relocations, SRS showed better-performing venues as well as creative strategies to entering desired markets with little availability. For new locations, particularly small markets, SRS helped Hobby Lobby identify potential markets, locate real estate and negotiate favorable terms with landlords and developers.
SRS also consulted with property owners to help clarify the Hobby Lobby brand and the benefits of working with Hobby Lobby. As a result, the Hobby Lobby profile has improved among customers, landlords and developers, making them a highly sought after tenant in Georgia.
By consistently bringing our client creative solutions, SRS has helped Hobby Lobby maximize their market plan. With over 35 new locations and strategic relocations since 2007, Hobby Lobby has significantly improved their sales and market presence in the state. SRS continues to help them better understand the Georgia market and grow their customer base with new locations.
"SRS’ Atlanta office, and particularly Steve Gunning, has been a tremendous resource to Hobby Lobby for understanding the Georgia retail landscape, particularly Atlanta. What I’ve appreciated most about our work with SRS is their genuine desire to understand Hobby Lobby and how to best serve our real estate needs. Hobby Lobby has worked hard from a real estate perspective, to serve our customers in the best way possible and SRS has been tireless in their efforts to make this happen. We’re grateful to SRS for the important role they have played in making Hobby Lobby successful in Georgia."
– Les Miller, MAI | Hobby Lobby | Real Estate Representative
Services Provided
- Market strategy
- Developer/landlord education of the benefits of working with client
- Creative solutions for infill & urban locations
- Store disposition & relocation
Results
- 35+ stores opened since 2007
- Significant improvement in sales in Georgia
- Strong brand identity
- Dominant retailer in their category in Georgia