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STOP GROWING PAINS WITHCONSUMER ANALYTICS
As a growing community, you’re most likely facing a host of new challenges that require new approaches to overcome.
One of those challenges is recruiting retail and restaurants to support the needs of your expanding consumer base – an often time consuming and frustrating process.
On the following pages, you’ll find 3 of the biggest retail development challenges faced by growing communities and how to solve them using a data-driven approach.
ANALYZE RETAIL LEAKAGE
WHAT DOES A RETAIL LEAKAGE ANALYSIS DO
FOR ME?
THIS SHOWS YOU THE BEST OPPORTUNITIES FOR NEW
DEVELOPMENT
Compares the projected consumer expenditures to the actual retail sales in a specific category.
RETAIL LEAKAGE ANALYSIS:
By assessing your current retail state through retail leakage analysis, you’re able to identify the retail categories that your citizens are currently having to go outside your community to purchase.
For a complimentary retail leakage analysis, contact us at: [email protected]
ILLUSTRATE YOUR RETAIL POTENTIAL
Your demographic data isn’t actionable from a retailer’s perspective.
Your demographic data isn’t actionable from a retailer’s perspective. It’s often limited and out of date.
To recruit retailers, you need to speak their language by moving beyond demographics and talking about how your citizens behave as consumers.
Using consumer analytics, it’s possible to add color to the blank canvas that demographic data alone provides.
Analytic platforms, such as Buxton’s SCOUT platform, allow you to map your retail trade area in terms of drive-times, which illustrate your true retail potential.
Municipalities often underrepresent their potential by only providing population counts for their political boundaries.
Municipalities often underrepresent their potential by only providing population counts for their political boundaries.
When their true retail trade area may actually be double in size.
IDENTIFY WHICH RETAILERS & RESTAURANTS TO RECRUIT
Retailers are not pioneers.
They tend to open locations in markets that are similar to those that their most successful locations are in with consumer profiles similar to those of their best customers.
By using consumer analytics, you can identify the specific retailers and restaurants whose most valuable customers look like the consumers in your trade area.
Consumer analytics can help you answer those questions and make your community more attractive for future growth and economic development.
Present a convincing case to retailers with customer profiles verified by an independent third party like Buxton.
As a growing city, you can’t afford to wait for retail to come to you. You must take a proactive approach to retail development.
Don’t hesitate to contact Buxton for the expert advice
and in-depth analytics you need to successfully recruit
retail.
ABOUT BUXTONSince 1994, Buxton has provided big answers for retailers and communities. We have helped over 700communities locate or expand 35 million square feet of retail space, generating critical revenue streams.
GROW WITH US1-800-BUXTON | www.buxtonco.com |
