Raising Cane's - Filling A Void

Have you ever craved food from a specific fast food restaurant but just weren't willing to go out of your way enough to get it? Getting it delivered would be expensive (and cold), and it was just far enough away to be a chore to get. I wanted it, but I wanted it more conveniently.

That was me about a year ago. I was in Eastern Phoenix, and more than once found myself craving fried chicken. Not just any fried chicken, either. Raising Canes was, to me at least, a new entry in the fried chicken battle raging in the fast-food industry, and it was great. They have a simple menu of chicken you'd like that comes along with a slice of Texas Toast and their legendary Cane's sauce. They've experienced strong growth, too, with the number of locations growing by an average of 18% each year since 2013.

Is There Really A Void In The Market?

I found myself wanting these chicken fingers, but I was never willing to drive to any of their locations. I decided to do something and see if there was an opportunity in my area. The next day at work, I jumped into REGIS Online and researched all the Raising Cane's locations in Phoenix. Here's what I found for their existing locations,

If you're wondering where I lived, it's right in the middle of that area with no Raising Cane's. It was evident that there was an opportunity for them to bring a store here without any potential cannibalization of existing stores.

Looking For The Right Space

Now came the market research. I knew a couple of centers that seemed like they would be a good fit. Granted, I'm no expert in this, but I gave it my best shot. From each of these centers, I created a 5 minute drive time and built a radius ring that would hold fifty thousand people. I also made sure to stay near roads with good traffic and had a similar amount of income nearby. The map below shows how any of these three potential sites wouldn't cannibalize existing locations and still serve the untapped area.

I would have opened a franchise myself if I had the cash. Sadly, that wasn't the case. I felt like it was an excellent opportunity, but I'm not an expert, and with no money to fund my fried chicken dreams, I put my dreams of having a Raising Cane's nearby on the shelf.

The fates smiled kindly on me. Raising Cane's built a new location a few months later! While I would love to take credit for doing most of the legwork, none of what I did made it to anyone who would be able to solve that problem. They also chose a different center than I would, but I didn't even care at this point. I was finally able to curb my craving for Raising Cane's!

My takeaway is that even though I'm not an experienced broker, REGIS Online helped me see the trends and make better decisions than I would ever have been able to on my own. Being able to show existing locations quickly, show what data existed around them, and then take that information and apply it to a new site was a game-changer. Imagine what REGIS Online can do in the hands of you professionals! •

Last Modified Feb 15, 2022