I just did one while on vacay in New Orleans for a family wedding.
FWIW, the research was not necessary for the shop itself, but you will need to provide a research narrative for the report.
My shop was super easy, and way shorter than the time frame specified, to the point I had to add extra narrative as to why I was only in the store for 12 minutes.
Main thing is to have a solid story as to the reason for the purchase.
In my case, I had just received a windfall and wanted the watch in homage to a dead friend who used to wear the brand.
I used the availability of limited edition NFL models as my out for not purchasing that day.
The local shops are only paying $60, and my NO shop paid $90, so I will wait and see if the locals last long enough for the fee to at least go that high.
Have synthesizers, will travel...