A survey on local market analysis for a successful restaurant yield

Abstract

Establishment of a new restaurant requires a paramount investment in it. Thus, a thorough analysis of different factors is important to the determination of the probable rate of success of the restaurant. Among the different factors, location plays a vital role in the determination of the success of the restaurant unit. The demographics of the location, existing cluster of restaurants established in the location, and the growth rate of the location need to be studied prior to selection of the optimal location. However, it is a cumbersome job to find the correct location, by analyzing each of these different aspects of the location. This paper studies the different aspects of a location which makes it a determining factor in the prediction of success of a restaurant. The proposed work aims at the creation of a web application that determines the locations suitable for the establishment of a new restaurant by using techniques of machine learning and data mining.