Location of New Store Detection

In the business field, selecting an appropriate location for a new opening store is important when entering an unexplored market. Opening a new store near the city center or the outskirts of town may lead to a huge difference in business profit, which is highly related to a business’s success. To find a suitable location for a new store, retailers and business analysts should do lots of research, including surveying the local market, the number of competitors, the cost to invest in a new store, and so on. These business analyses cost a lot of time and money and will result in a huge loss if the new store location is decided improperly. Nowadays, since big data and machine learning techniques have been more developed and maturely applied in various business fields, I decided to bring up a method that helps select the best retail store location by the provided geographic data and linear regression algorithm. This may help business stakeholders and retailers save time and cost to get a better understanding of the local market and help with the better location of new retail store.