When you use a tool like SiteSeer, there are all kinds of different data types that can power the platform:
When you’re in the business of leasing space or developing shopping centers, there’s one issue that probably matters to you more than just about any other: how can you find the best tenants to fill your space?
Every day, we talk with retail companies, franchise organizations, and other businesses that want to select sites that give them the best potential for profitability and success. Here’s the stark truth: most companies have room for improvement when it comes to site selection. And as we all know, hindsight is 20/20. It’s very easy to think back and wish that you knew certain things about a site when you chose it. While you should be wary of any company that promises a methodology or tool that sounds a lot like a crystal ball, there are certain things you can do to choose better sites in the future and minimize costly mistakes.
Throughout our many years in retail real estate research, we’ve heard businesses of all types simplify the assessment of their business’s trade area. So often, we hear economic developers and retailers describe their trade area as a certain-mile radius around a site, but in reality, there are many different ways to delineate a trade area.
Maybe you’ve seen companies making bold claims about their site selection software lately. Thousands of sites accurately forecasted…in mere seconds! If you’re wondering whether technological advancements have replaced the analyst and single-site sales forecasting, allow us to put it simply: no.
For a long time, site selection has been a combination of art and science. Site selection data and science became commonplace in the 1990s, but until the last decade or so, judgment, experience, and gut feel drove many retailers’ decisions about where to locate (and the reasons to do so).
In early 2019, SiteSeer made major updates to our flagship software, SiteSeer Professional, including the installation of the latest version of Freeway, a third-party plugin by partner Applied Spatial Technology. Freeway provides the calculations behind the drive-time trade area boundaries you see in SiteSeer.
Anyone in retail research knows that there are many factors that contribute to the success or failure of a site. The question, of course, is how do you replicate your winners and avoid opening locations that end up as losers? One of our most valuable tools within SiteSeer can help you do just that: the hotspot analysis tool.
When a retail or service business chooses to expand their reach through franchising, acquisition or organic growth, a critical question that arises is, “How do we replicate our success?” The answer for most? Adopt a site selection process and use mapping and analysis software that will provide your company’s decision-makers with the facts they need to make educated site decisions.
In the early days of chain retail expansion, developers would choose sites convenient to where their customers live, work, and shop and hope that sales and profitability would follow.