retail site assessment
TRANSCRIPT
About this presentation
• Provide an overview of the site assessment process for a retail store or shopping center
• At its conclusion you will have a basic understanding of the relationships between site, population, traffic flow and trade areas
Basic Types of Retail Stores
• Convenience Stores
• Drug Stores
• Super Markets
• Discount Stores
• Department Stores
Convenience Shoppers
• Drug Store
• Super Markets
Comparison Shoppers
• Fashion
• Image
• Lifestyle
Factors that impact success
• Convenience Stores• Drug Stores• Super Markets• Discount Stores
• Department Stores1 2 3 4 5
Miles from Store
Retail Operations & Travel Time
Customer Considerations
• THINK LIKE A CONSUMER
• Frequency of Visits
• Size & Expense of Purchases
• Uniqueness of Retailers
• PERCEPTIONS OF CUSTOMERS
Relationships
• The more frequent and smaller the purchases, the smaller the trade area
• The less frequent and larger the purchases, the larger the trade area
Demographics & Psychographics
• Changes in demographics, educational levels, culture, and household income also define market areas
• They sometimes act as “barriers”
Traffic Flow and Traffic Counts
• The direction of traffic• Frequency of trips• 24-hour traffic count
In relationship to the site:
• Is traffic moving toward the site, away from it or through it?
• How many trips a day pass the site?
• When does the traffic flow?
• Where is the traffic going?
Drive Times & Perceived Drive Times
2-miles- 10-minutes 2-miles- 10-minutesDirection to work
Perceived drive time=1-mile & 3 minutes
Same stores, offering the same products
Traffic Flow & Count
N
10,000 20,000 30,00015,000
Downtown
20,000 30,00015,000
River Freeway
Freeway
10,000
Site
Competing Trade Areas
• Sister stores are the largest competition
• Size of sister store • Presence and amount of other retail offerings
Stand AloneDifficult Site
Retail OperationDowntown
What other shops are there?Are there anchor shops
present
Retail CenterNumber & size of retail
outlets
Sister Stores & Competition
The size of the sister store and its adjoining
retail offerings will dictate the size and
success of the market area