Property managers or investors require an in-depth understanding of the dynamics of a trade area surrounding a retail or service outlet. Having a better market understanding helps with capital allocation, marketing and in the case of franchising, helps build the franchisee / franchisor relationship.
Our team can assist your retail location planning decisions, by providing information about a sites logical catchment or trade area, which may be a postcode, a distance radius, or a travel time radius, or any area defined by the client. General information is also provided at 1km, 2km, 3km … radii, so you can gauge how your market varies with increasing distance from the site.
More than just demographics, a SPR includes in-depth site analytics, including information about:
Local competition names & addresses
Population growth / decline
Socio-Demographics / Lifestyle Information
Business Counts & Employment
A Trade Zone Map (with competition locations, if required)
Additional information can be incorporated at a client’s request. This may include:
Shopping Centre Activity Reports
Urban Development Forecast
Household Expenditure (for relevant commodities)
Site Potential Reports (SPR) arm you with all the necessary information required to evaluate the current and future market potential of the trade area.
Knowing where your customers come from is important for all sorts of reasons, not the least of which is to estimate the cannibalisation impact of opening another store near an existing outlet.
While many retailers with EPOS (Electronic Point of Sale) trap information including customer names and addresses, cash and small ticket businesses have no such benefit. The solution is to undertake a data gathering exercise at a store to accurately determine where customers are coming from and going to.
Spectrum has devised a unique questionnaire that can quickly trap all sorts of information about a customer, including
Where the customers have come from
Where the customers are going
Why they visited
How frequently they visit
Whether they would have visited an alternative site on the day had it existed
Customer Addresses are then geo-coded (electronically placed) onto a map and a trade area boundary defined.
Spectrum has an Australia wide field force that can undertake such studies at a moment's notice.
Estimate the cannibalisation impact of opening another store in an area
Define a trade area for effective and efficient use of local advertising
Define a franchise boundary, or use in doing your Territory Planning
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Spectrum Analysis has vast experience in all aspects of retail property and can consult in
Site evaluation tools
Lease negotiation & management (in collaboration with our partnering businesses)
Clearly showing the strength of retail offering in any area of interest.
Assess the appropriateness of the centre size and mix for your business