Look at the population in the area around a potential site, including age, family makeup, income bracket, interests, socioeconomic status and any other relevant information.
This can include projected turnover for new sites and current sales numbers for existing stores.
This examines a potential site location on a micro-level, looking at parking availability, foot traffic, proximity to other stores or shopping areas, public transport and the size and condition of the building or site.
Crossover, or cannibalisation, occurs when a new store takes sales from an existing store in your network. Projecting cannibalisation involves calculating the distance between existing stores and potential sites, examining sales numbers, and analysing micro-location factors that could affect customer numbers.
Competitor analytics looks at similar stores or retailers that stock similar product lines in the site area, so you know what you’re up against. For example, if you sell gourmet sweets and chocolates, competitors may include chocolate shops, department stores and supermarkets.
