With over 8,000 locations around the U.S., Family Dollar is an established brand that, like many other retailers, is challenged to effectively manage its real estate lifecycle.
From site selection to project management to facility management, retailers must make a wide range of real estate decisions that could make or break its future success. Family Dollar implemented a suite of Accruent solutions to track critical real estate information. With actionable data at their fingertips, Family Dollar has been able to maximize investments throughout the real estate lifecycle.
Site selection: where to open a store?
Two primary stakeholders within site selection are Market Strategy and Real Estate groups.
Family Dollar’s Real Estate group adds potential sites and collects data in Accruent’s Site Selection module to help determine if there is a significant ROI to proceed with site submittal. The Market Strategy Group then utilizes an integrated product, Trade Area Systems, to analyze the trade area and demographics to help forecast the site’s potential.
Collected data creates a site summary and additional information can be attached via documents. All information can be packaged using Accruent’s binder feature, creating a comprehensive PDF that Family Dollar uses as a site submittal package.
Once a site is submitted, the approval of the site can be easily executed through workflows, email notifications, assignment dashboards and scheduled tasks. Store Planning and Transportation groups review the package, and the proposal becomes a project once it’s approved.
Project management: building the store.
Accruent’s Project Management module provides visibility into the construction project’s progress and completion. It is widely used both by Family Dollar employees as well as vendors—architects, developers, general contractors and more. Family Dollar has used Accruent's Project Management module to manage over 500 new store openings in a fiscal year and over 150 relocation and expansions.
Several functions within Accruent Project Management are utilized during this stage:
- Forms are used to collect site information; insurance policies are stored in Risk Management and security equipment information is stored in Loss Prevention.
- Workflows facilitate general contractor bidding, contract award, purchase orders, invoices, orders and more.
- Schedules help Family Dollar projects stay on track and keep construction tasks in order.
- Documents are centralized, including permits, surveys, invoice copies and others.
Facilities management: maintaining the building.
Once the building is complete, Family Dollar utilizes Accruent Facilities Management to track facility information such as lease restrictions, clauses and issues. The workflow function enables Family Dollar to track sales, the store’s format and enterprise renewal, including remodeling.
Storing comprehensive information about the store empowers Family Dollar to make informed decisions when renegotiating leases. When the store goes through an expansion, Family Dollar is able to kick off the project from the facility.
With Accruent solutions, Family Dollar has been able to make better-informed site selections, accurately track and manage construction projects with preferred vendors, and maintain visibility into its portfolio’s condition.
To learn more, click here to watch the webinar, “Managing the Real Estate Lifecycle at Family Dollar”. When you're ready to get started, schedule a demo today!