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Retail Site Evaluations
Opening a new retail location is a significant investment for your organization. Make sure you are making the right decision by evaluating new locations with sound data analysis techniques. Use the expertise from Archerra to analyze your existing store network and quantify the sales potential of new locations.
Understand Trade Area Dynamics
Before we evaluate the potential for a new location, we always analyze the trade areas and market share of existing locations based on your sales data. Every retailer is different and we must learn the unique characteristics of the locations within your store network. The foundation for this analysis is your customer sales data which provides us with an abundance of information such as: how large are your trade areas, how much of your sales is from local demand versus transient demand and what is the market share of your stores within the trade areas. The learnings from analyzing your trade areas are essential to evaluating the potential for new locations.
Know Who Are Your Customers
A retail location will sell to many different demographic segments but there are always some segments who patronize your locations more than others. Do you sell better to young urban or upscale suburban households? Our location evaluations take trade area analysis to the next level by identifying who your best customers are and how much they spend on your products.
Quantify the Sales Potential
After analyzing your existing trade areas and your customers, we can quantify the sales potential of new locations. Using our industry expertise, we will estimate a trade area and quantify the sales potential for the new location. We will also consider the sales of existing locations and identify any resulting cannibalization. With our analysis you will have the data to make a better location decision to grow your network.
The results from integrating your trade areas and customer data can be visualized and analyzed in-house using our comprehensive analysis tool: Archerra Retail Analyst.
Contact us today to talk about how to grow with data.