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Gut Feel and Spatial Modelling: A Match Made in Retail Site Selection Heaven

Posted by Anne Harper on 16-Dec-2015 11:16:19

Is Gut feel enough?

I trust my gut – if I’m feeling uneasy or super excited about something, the feeling hits me there first. Using that gut feel or intuition (which I believe is based on our values and experience, our perception of the world) brings all the senses into one moment of decision making.

Many business decisions have been made on gut feel: choosing a retail site, fitting out a store, hiring staff. Expert experience, combined with trial and error to see what works, has informed much of our current built environment. 

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Topics: Spatial Analysis, Retail Location Analysis, Retail Network Planning, Spatial Modelling

The top 10 data sources for finding profitable retail locations.

Posted by Jacob Pescini on 15-Jul-2014 10:50:00

Why is good data so important?

To identify profitable retail locations, acquiring customer and target market data is essential. It is estimated that over 80% of collected data has a location component. However, this data has to be accurate and up-to-date in order to get the best results from Location Intelligence software.

You need to be careful when using data with a location component as common data quality issues can occur. For example, when a customer moves location this can trigger a duplicate customer record, instead of a modifying an existing customer record. Knowing that more than 49% of the New Zealand population had lived in a different dwelling as that at the time of the 2013 Census during prior five years, this is no trivial scenario.

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Topics: Retail Location Analysis, Retail Network Planning, Customer Segmentation

5 Datasets for Evaluating Retail Site Infrastructure Characteristics

Posted by Jacob Pescini on 01-Jul-2014 16:13:00

Location Intelligence can be used to consider how different characteristics of proposed locations align with the organisation’s business needs. Organisations may classify retail site desirability, based on its centrality and accessibility within a region whose residents share common demographic and behavioural attributes.

Depending on the target market, different infrastructure issues have to be considered. If students are the target market for a retailer, then being close to public transport is essential. If targeting older demographic then good parking options, easy store access and close public transport access would be important. Or perhaps you might be targeting convenience purchasers on their way home from work. The store therefore, should be located on a main thoroughfare.

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Topics: Retail Location Analysis, Retail Network Planning, Location Intelligence, trade area profiling

How can consumer data be used to create market profiles?

Posted by Jacob Pescini on 25-Jun-2014 14:00:00

In such a competitive industry like retail, businesses need to put their customer and transaction data to work – to enhance decision support to gain competitive advantage. It is imperative a business understands the relationships between trade area demographics, customer profiles and competition for prime site selection and business growth. This information in-turn formulates the value of an area for a business’s products and services. With it retailers can generate more accurate site-specific sales forecasts and create a compelling customer acquisition strategy.

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Topics: Retail Location Analysis, Retail Network Planning, Location Intelligence, trade area profiling, Customer Segmentation

How can a trade area be analysed?

Posted by Jacob Pescini on 23-Jun-2014 11:00:00

Trade area analysis has its focus on locating and describing the target market. Analysing the trade area is important to determine the reach of existing and new store locations and if sufficient target customers reside within the trade area. To analyse trade areas, the use of Location Intelligence is essential to effectively model physical trade areas. The accuracy of these models will depend on the number of variables being considered, like customer location, competitors and consumer spend or attitudinal data. 

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Topics: Retail Location Analysis, Retail Network Planning, Location Intelligence, trade area profiling

Why Location is the Most Important Factor in Retail Success

Posted by Jacob Pescini on 18-Jun-2014 15:43:00

Retail is all about relevance: right product, right place, right time, and right price. Of all these factors, it is location which is most fundamental to the success of a bricks and mortar retail business and the use of location intelligence to drive decision making can be the difference between retail success and failure.

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Topics: Retail Location Analysis, Retail Network Planning, Location Intelligence

About Critchlow

 


 

Critchlow are Location Intelligence, Emergency Management and Business Continuity Management Specialists.

Partnering with world-class solution providers, we enable organisations to see, share and understand information so they make the best business and operational decisions.

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