In the last month or so, you’ve probably seen a lot of news stories about the economy as experts reflect on the last year and look toward the future. Interest rates remain high and inflation is still a big concern, but there are positive signs too…and plenty of indicators that astute retail chains should pay attention to.
For as much as we all hear about the tumultuous retail landscape, there are plenty of positive signs:
As 2022 comes to a close and SiteSeer clients are looking toward and planning for 2023, we wanted to revisit a topic we’ve discussed on the blog in years past: which retail categories grew and shrunk (physical stores/locations) during the year (to date). To refresh your memory, we first analyzed data on store openings and closures for 2020, and then again for 2021 (or more accurately, January-October 2021).
In the grocery industry, like many retail industries, there’s no room for error when it comes to opening new locations. Before you invest time, energy and financial resources into the opening of a store, you need to analyze that site thoroughly and understand its sales potential.
Today’s consumer is used to being able to shop any way they like: from their phone or computer or in person at a brick-and-mortar store. Now, they are even accustomed to buying online and picking up (or buying online and driving up to pick up).
No matter what business you’re in, understanding both supply and demand is essential. If you’re a chain business that is expanding your store base, you’re doing so under the assumption that what you have to sell is in demand. In other words, your product or service is not only appealing to consumers, but there is room for more of it in the marketplace. But what does that mean? Is there truly untapped demand and if so, how do you measure it?
Back in February 2021, we wanted to take a look at the year 2020 and figure out what retail categories did well (grew) and which ones struggled (shrunk). The year started off as many years do and then when the World Health Organization declared the coronavirus outbreak to be a global pandemic on March 11th, life as we all know it changed forever.
SiteSeer happens to be based in one of the fastest-growing metropolitan areas in the country. Earlier this year, we released our updated 15 Fastest-Growing Metropolitan and Micropolitan Areas blog post, and Boise came in #2 on the list of metro areas, jumping 3.15% from June 2018 to June 2020.
SiteSeer knows market research, retail real estate, site selection and more, but we never purport to know more about an industry than those working in it day in, day out. That’s why when we wanted to dig deeper into the state of commercial real estate in the United States, we decided to turn to two experts in our network to get their insights.