Now is the time to find a new retail space

Snorre J. Myhre in Plaace and Henrik Apall in Squeeze discuss how Plaace´s data can help mitigate risk when expanding in new areas.

This article is published by Retailmagasinet

After a long period of closed doors, many people in the hospitality- and retail industry are struggeling. At the same time, the empty premises in Norwegian cities represent new opportunities. Because when vaccine coverage increases and Norway gradually opens up, the Norwegian people will go shopping again.

Guess if they are hungry for shops and city life!

“It is the tenant’s market and a good time to expand. The question for those who want to use the opportunity to open new, physical stores and service offerings, is where is the most beneficial place to settle? That’s where we come in”, says general manager Snorre Jordheim Myhre in Plaace.

Snorre Jordheim Myhre, CEO Plaace

The Norwegian technology company was founded last year, precisely because Myhre and his co-founders had grown tired of empty urban spaces. Their idea is to analyze large data sets from, among other things, payment solutions and mobile networks to find the most favorable premises for all kinds of industries.

Where can you find customers who are willing to blow hundreds of dollars on extreme sports equipment? In what area can Italian ice cream become a big hit? Which corner street do people who like to stop for a coffee often walk by? With Plaace, such decisions become more fact-based and less influenced by guessing games.

“We have already opened the first part of our insight platform, free-of-charge. In the next few months, we will roll out new functions, where automatic analyzes of large amounts of data will give both tenants and landlords unique insight and match them with each other”, says Myhre.

“Then data from Telia’s mobile network, the payment terminals of Vipps and BankAxept, and company information and analyzes from Prognosesenteret will work collectively to give retailers the best tips on where they can experience the best turnover”.

The massage chain Squeeze is among those who have contributed to the development of the service and has high expectations of it when the chain continue to expand.

“We have 23 massage studios in operation today and aim to increase to 40 within year. The faster we expand, the greater the risk that we establish ourselves in the wrong place. With the help of Plaace, we have the potential to virtually eliminate that risk”, says operations manager (COO) Henrik Apall. For massage studios, as for all service players, the optimal premises are located in areas with the right mix of people, activity, and purchasing power.

“When you open the first retail spaces, it is often based on hypotheses about an area, and which other actors that already have established there. But it is becoming increasingly important for us to use advanced analysis tools to find places one may have overlooked. With Plaace, it will be easier to see where the synergies can arise”, says Apall.

“Poor establishments are expensive, there is no doubt about that. I would recommend all tenants to use Plaace, both as an analysis tool and a place to meet landlords. I also think it is important that we in the industry support entrepreneurs who create such an exciting service”, Henrik adds.

Henrik Apall, COO Squeeze
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