White space analysis helps Kendra Scott identify 20 untapped markets to open new stores

In 2025, Kendra Scott will open 20 new stores, adding to its current network of 151 locations in the United States.

"To identify successful locations and demographics, we monitor store growth data and evaluate historical sales and growth patterns from existing stores," Tom Nolan, CEO of Kendra Scott told Retail TouchPoints. "Finally, we conduct white space analysis studies to help identify untapped markets."

A white space analysis is a method that more sophisticated retail chains use to identify gaps in the market and opportunities for opening new stores. It's a strategic process that involves analyzing customer needs and expansion strategies by competing retail chains. The latter was perceived as a retailer's herd mentality years ago but the technique is much more analytical today. The process works something like this:

- Identify gaps
- Analyze customer data
- Analyze competitors
- Identify opportunities for new store locations that minimize cannibalization and takes market share from the competition

Read more: CEO Interview: Why Brick-and-Mortar is Key to Kendra Scott’s Future Growth