It is all about location, location, location and deciding where to place your next brick and mortar retail store is no different. With so many conditions to evaluate when deciding on a new store location, it’s critical you do all your research first. Seasonality trends, zoning restrictions, demographics and competitors’ locations are just some of the conditions that you need to analyze.
Figuring out this information can be challenging, especially if you don’t know how to get it or where to find it. One way to make this process easier is to use location intelligence and foot traffic analysis to research and uncover these conditions. Leveraging location data gives you the insights you need to confidently place your next retail store in the best possible area.
Here’s How Location Intelligence Can Help:
Discover Where Your Target Demographic Shops
Foot traffic analysis reveals trends for where consumers frequently visit and shop. Having this information will ensure you place your store near the most frequently visited trafficked areas for your target audience. Unlike a person’s digital footprint, their actual footprints are more revealing and help you select a location that gets maximum traffic from your target audience. For instance, placing a Lululemon near a Wendy’s may not make the most sense in terms of those two brands’ sets of consumers, but placing it near a Sweetgreen, Dig Inn or Tender Greens is more logical since they all share similar consumers.
Find Out Your Competitors’ Most Popular Locations
Another useful insight that helps inform where to place your next retail store is knowing where your competitors’ most popular store locations are. Have you ever wondered why Lowe’s and Home Depot or McDonald’s and Burger King are commonly located near each other? Placing a store near your competitors allows you to get in on the action where heavy foot traffic is already established. Harnessing this information tells you where a prominent part of your target audience visits and also gives you the opportunity to place your store near theirs and try to get their customers to visit you instead via geoconquesting.
Track Opening and Closings of Retail Stores In Real-Time
Location data provides advanced insight into trends in store openings and closings. Location data can flag when a brand has set up shop in a new neighborhood before anyone else knows, and can also flag when a store is closing before that news becomes public. You can use this information to identify if stores are opening in a new up and coming shopping plaza or if there are areas where stores are closing consistently that you should avoid. This kind of information is great for planning purposes and opens a window of opportunity for you to have a head start and competitive edge to capitalize on the best available storefront locations.
The Bottom Line
Having the responsibility of choosing your business’s next brick and mortar location can be a daunting task. Location intelligence and foot traffic analysis makes the research process easier without leaving anything up to chance. Knowing you can rely on the location data to get the real insight you need will give you the confidence you need to make the right decision.
Want to learn more about Location Intelligence? Visit our Retail page or download the whitepaper below: