In August, we wrote a blog about how market research has changed over time—and there’s no question that it’s quite a lot. But as the saying goes, “the more things change, the more they stay the same.” Technology and the evolution of the digital era have definitely made their mark on the retail industry—and retail research. But there are many things about retail research that were true 25+ years ago and remain true today. Here are a few of the most notable:
Growing retail and restaurant chains know that doing high-quality, data-driven research as they expand and open new locations is always worthwhile.
When you’re expanding your business, knowing the potential of your market is so important. And for many growing retailers, population growth is an important factor.
Like many industries, the fate of retail was significantly altered when the World Wide Web was launched in 1991. Certainly, the retail industry has evolved for centuries prior…
If you’re a broker working with a new-build shopping center or a developer filling your own center, it can seem like an overwhelming job at the outset. Step number one is identifying an anchor tenant that sets the tone for the shopping center and fits the customers that are likely to be attracted to your center.
When you’re a growing retailer, it’s tempting to choose locations that are distant from one another to avoid negatively impacting your sister stores in the market. However, this strategy can leave gaps in the market that put you at risk of a competitive entry or worse, leave dollars on the table when you could have had three stores in the market instead of two. The goal, then, is to plan a network that maximizes your market share without overly cannibalizing your own sales.
We’ve said it before and we’ll say it again: brick-and-mortar retail isn’t dying, it’s evolving. Yet, browse the latest articles on retail development and it might not seem so certain. SiteSeer’s team just returned from the International Council of Shopping Centers RECon show in Las Vegas, where attendance was down from years past. It caused us all to wonder: is the market slowing? Are deals still getting done? Is the so-called retail apocalypse actually upon us?
Topics: retail apocalypse
Last month, we rolled out location profiles, which are templates within SiteSeer’s Model Builder tool. These profiles help users through the sometimes-arduous task of building models, whether they have a starting point already or need to cost-effectively build a model from the ground up.
Growing retailers look to expand into markets where concentrations of their target consumers live, work or shop. A consumer’s lifestyle and life stage often define their preferences and behavior, and few factors better determine one’s lifestyle than education level. For this study, we wanted understand which markets were seeing an increase in education levels. To measure this, we looked at the change in the percentage of persons over age 25 that had no bachelor’s or master’s degree in 2013 compared to 2018. We also controlled for increases in bachelor’s degrees at the expense of master’s degrees, e.g. markets where the percentage of bachelor’s degrees increased while the percent of master’s degrees decreased.
Topics: data study
In Model Builder, one of the most popular tools within SiteSeer, users can create hotspots to narrow down hundreds or thousands of locations across a market to those that are likely to offer them the highest chance of securing a successful site. If you’re a broker or shopping center owner or developer, hotspots can supplement your own expertise with data that tells you if the retail or restaurant chain you’re working with is a good fit for your center or not.