The context: An ambitious retail development

Firce Capital, an international investment company specialising in real estate, operates in Europe and Dubai and is involved in projects requiring significant investment. Five years ago, its retail division (investment and asset management) began directly operating commercial franchises, with exclusive rights to the KFC brand in Luxembourg.

“Our investments represent significant capital expenditure. These are crucial decisions where we are scrutinised by investors and banks. Once we launch a project, we can’t afford to make mistakes,” explains Thierry Debourse, Retail Director at Firce Capital.

The challenge: minimising risk in a complex market

The challenge for Firce Capital was twofold: on the one hand, to secure heavy investments, and on the other, to navigate the complexities of the Luxembourg market, which they know well, but where land is expensive and competition is often already fierce. Analysis of traffic and cross-border flows is also a key factor to be considered.

Kevin Fournage, Head of Business Development at Firce Capital, emphasises: “Now that we are developing and operating franchises directly, we need to optimise every square metre available and secure our clients’ investments“.

The solution: Integrated geomarketing expertise

GeoConsulting’s role: To predict the turnover of future locations for the brand (KFC in this case), considering their precise location, local specificities, catchment area and competition. The statistical model is also always put into perspective with a site visit.

The collaboration with GeoConsulting is based on a relationship of trust established through previous experiences. But beyond the history, it is the complementary nature of our expertise that makes this partnership so strong.

“One of the strengths of our two organisations is that GeoConsulting has a similar approach to real estate. They understand the challenges we may face on certain projects,” explains Kevin Fournage.

Quickly actionable market research

The studies carried out by GeoConsulting for Firce Capital follow a proven methodology:

1. Initial briefing phase: Communication of the specific details of the project to GeoConsulting, including the exact address and any points to note (location in a shopping centre/retail park/at the foot of a building, competing projects, opening hours, presence or absence of a drive-through, etc.) and the target deadline
2. Market research carried out by GeoConsulting and presentation, within competitive deadlines and in line with Firce Capital’s objectives: A 15- to 30-minute video call is always organised to discuss the turnover study and identify the ins and outs
3. Multi-expertise circulation: The study is reviewed by several specialists at Firce Capital to reach a final decision: GO or NO GO?

A concrete example illustrates this rigour: in a recent study of one of the 24 districts of the City of Luxembourg, the analysis revealed that the site under consideration was located “on the wrong side of the road” – a detail that might have seemed minor, but which had a significant impact on potential turnover and led to the opportunity being abandoned.

Beyond studies: a comprehensive strategic vision

Collaboration goes beyond one-off studies and moves towards comprehensive spatial planning.

“In Luxembourg, where land is expensive, we have a more comprehensive vision than simply setting up a restaurant. We develop projects with mixed programmes,” explains Thierry Debourse.

This approach is reflected in:

• Integrating residential and commercial potential into analyses
• Considering territorial developments (new roads, shop closures, etc.)
• Anticipating future development needs

The benefits: Risk management and operational efficiency

“Our approach to risk management is important and highly valued our investors. It’s been a winning collaboration from the beginning,” confirms Kevin Fournage.

The studies carried out by GeoConsulting produce facts and figures that help analyse, predict and choose the best options, for investors and financial institutions . The study also helps refine strategic choices: whether to include a drive-through, how to manage cannibalisation between sites, optimal space sizing and even adjustments to opening hours.

“From the moment we start quantifying, seeing the isochrones and understanding the flows, it’s extremely positive for us,” emphasises Thierry Debourse.

Finally, the studies serve as a reference for field teams.

“For a restaurant where the study projects a certain level of turnover, we have arguments for or against the project that we can present to our various stakeholders: they are quantified and documented objectively,” explains Kevin Fournage.

Key factors for success

Responsiveness and customer focus

“The most positive thing is that when we work with GeoConsulting, we really feel understood,” says Kevin Fournage. “For example, say we have a committee meeting scheduled in three weeks, GeoConsulting is able to understand our needs and do what is necessary to meet that deadline“

Technical expertise and passion for the job

“We work with a team that knows its business and is as passionate as we are,” says Thierry Debourse. Their presence on the ground in Luxembourg is also reassuring.

Agility and flexibility

GeoConsulting’s approach matches “the way of thinking, working, being agile and being able to work together” that Firce Capital’s pace of development requires.If new ideas emerge about a store that has already been analysed, whether it’s extending opening hours, adding a drive-through or considering the arrival of a competitor, GeoConsulting updates its sales forecasts to anticipate the impact as accurately as possible.

Assessment of the collaboration

What do Thierry Debourse and Kévin Fournage both emphasise? The quality of the relationship.

GeoConsulting is not just a research provider. It is an agile partner, capable of adapting to the client’s operational constraints.

“Too often, we are given a fixed schedule. Here, it’s the opposite: the team understands our challenges, aligns itself with our deadlines and delivers initial analyses if necessary to enable us to meet our committee deadlines.”

This customer-focused approach makes all the difference. It allows us to build a long-term relationship based on trust. 

Firce Capital also particularly appreciates GeoConsulting’s ability to project its clients into their future challenges: developments in the Luxembourg market, mixed development, redevelopment of brownfield sites, urban planning, deployment sequencing, etc. There are many avenues to explore.

Looking ahead, the collaboration will focus on even more strategic issues, such as territorial expansion in France and Belgium and brand diversification.

In short, for Firce Capital, GeoConsulting is a strategic, reliable partner capable of informing complex decisions.