The present invention assists in the evaluation and assessment of prospective sites by forecasting revenues and assessing impact on existing retail establishments. The present invention is also adaptable to forecasting the effects of closing a remotely located retail store based upon on the revenues of another existing store.
You have learned it is imperative to fill vacancies with viable businesses and to give residents access to necessary retail goods and services. You want to support your work with data and solid analysis to help ensure the success of these businesses. In this section we focus on those retail and service businesses that commonly have a storefronts in downtown and business districts.
This includes traditional retail stores such as pharmacies and groceries, but also services such as auto repair and hair salons. The analysis of retail and service business opportunities involves both quantitative examination and qualitative insight following a three-step process: Assess demand; Inventory supply; and Draw realistic conclusions.
To help you with the quantitative aspects of this process, this section provides various tools, ranging from simple to complex, that can be conducted for one or multiple business categories.
A quantitative demand and supply comparison is important because it helps put numbers behind your analysis and gives you some measures to support your business development activities.
However, as the analysis is as much an art as a science, your study must also consider numerous qualitative factors. The following chart illustrates factors that go into an evaluation of retail and service business opportunities.
Definitions Used in this Section: The North American Industry Classification System is used by the federal government for classifying all businesses and their related statistics. For example, is the code for furniture stores.
Descriptions of 71 selected retail and service business categories used in this section are available here. In market analysis, demand is the amount of a good or service required to fulfill the needs of customers in your area.
This is mainly driven by the size of your trade area, the number of customers in your trade area, and their purchasing power.
Demand can be measured in square feet, number of stores, or total sales. In market analysis, supply is the amount of a good or service currently distributed in the marketplace. This is often organized by NAICS category and can be measured in square feet, number of stores, or total sales.
The data that is available to you and the ease of collecting this information determine how you measure supply in your community.
Another way to analyze the retail market is to estimate spending by product type. Data is available from the U. Bureau of Labor Statistics as well as private data providers that can be used with local demographic data to estimate local demand.
Nevertheless, for certain categories, a demand and supply analysis by product type may be appropriate. Return to top Step 1: Assess Demand In market analysis, demand is the amount of a good or service required to fulfill the needs of customers in your area.
The spending potential of trade area residents typically determines most of the demand for local retail goods and services. This demand can be modeled using various quantitative measures. You must also consider other qualitative measures to accurately understand characteristics of your local market and of non-local consumers who may shop in your community.
Quantitative Measures of Local Demand There are two general methods to quantitatively measure demand for your community: Thresholds are typically calculated by dividing the population of the state or country by the number of businesses in the state or country.
For example, in the U.Choosing a site for a new retail location is one of the most important decisions a business owner will make. In this lesson, we'll examine five factors that impact the selection of a specific.
The present invention comprises a novel business method for evaluating prospective commercial retail sites. The present invention assists in the evaluation and assessment of prospective sites by forecasting revenues and assessing impact on existing retail establishments.
Evaluating Corn Rootworm Risk and Economic Impact Corn rootworm is a pest that makes corn product selection one of the most important decisions facing growers. Corn rootworms (CRWs) pose a significant threat to yield and profit, making it a pest that cannot be ignored.
1 Corn rootworm (CRW) pressure can vary widely year to year, complicating. Evaluating Retail & Service Business Opportunities. and a regional market draw all have an impact on the types of retail and service businesses that are located in a community. but they are intended to gauge the overall economic health surrounding the business district.
Evaluating the Impact of Leadership Training in Retail This global retailer enjoyed consistent growth and development. Now it is home to several. THE IMPACT OF STADIUMS AND ARENAS. Submitted by John C Melaniphy III on Fri, 11/20/ have been evaluating the impact of the proposed new Milwaukee stadium on the surrounding and adjacent properties; and studied the opportunities for restaurants and stores in numerous arenas, amusement parks, airports, schools, universities and .