Site location research is a funny thing. In an age where many retailers are online most have a combination of internet stores and the traditional brick and mortar. Brick and mortar still has the advantage, for now, so finding the best site can be a multi-million dollar decision. So why not spend a few bucks on good demographic data right?
CopyCat Site Location Research
Site location is easy…a commercial broker finds you an available property, runs a ring study and whammo, the demographic report supports your market. Wow…simple, right? Not really. How many competitors have already earned your potential customer’s loyalty? How long will it take potential customers to know you are there? What can you offer that your competitors can’t? You know this is a difficult proposition.
In many situations it can be easy, many retailers look at others for advice. If you know your store has the same demographic profile as say, Wal-Mart, you may want to look for locations near one. This so-called ‘Wal-Mart factor’ is important to many retailers. Wal-Mart does substantial research to locate their stores where they can drive enough traffic to ensure massive profit. If your customers are already coming to the shopping center you have the advantage of a built-in customer base. Starbucks is another with a similar effect, a different clientele, of course, but consistent traffic in theory.
On the flip side, you may want to steer clear of some retailers. The mere mention of Wal-Mart may make you shudder. So be sure to know who your neighbors are. You probably wouldn’t put a knitting supply store next to a local pub scene in a college town. Actually, I think I read something on Yahoo! about knitting being a new microtrend among 20 somethings. See what I mean?! Research is key.
Now don’t go dropping big dollars on a location based on another company’s marketing plan. You still need to do your own research. You can still get accurate data on a market without breaking the bank. What did you say? Your broker supplies free demographic reports and maps? That’s great! You know he wants to close the deal more than you do…just sayin’.
You can always get fast and reliable demographic reports and maps from GeoMetrx and we conduct regular webinars so you can see the platform in action. Click here to request a demo or just give us a call.