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NORTH SALT LAKE CITY, Utah -- With 170 locations, Maverik Country Stores is on schedule to open 15 new locations each year, an initiative made possible in part by implementing the Experian Business Strategies’ Prediction retail performance model.
Operating in the western regions of the United States, the company analyzes competition, accessibility and demographic variables in site selection, noted Dan Murray, vice president of real estate for Maverik, in a statement.
While Maverik has in-house sales forecasting models providing insight into various influencers on a location, Murray said additional tools were required which is when the company turned to Experian Business Strategies.
"Even though the majority of our stores weren’t under-performing or registering low sales numbers, we still felt we could do more to maximize our resources and ensure individual store prosperity," Murray said in a statement. "We wanted to focus not only on how our stores could be successful now, but also five and 10 years down the road."
By utilizing Prediction’s best-practice approach to researching and modeling retail performance, Maverik executives are able to more accurately select store locations and predict future sales. To date, Maverick has realized a significant increase in sales forecast accuracy with an average error rate of approximately 7 percent.