VM=Venue Mapping – retail location analytics

retail location analytics enables any retail location from town centres & shopping centres to leisure parks & airports to deliver the most commercial mix of retail stores by product categories, type of stores and market position.

failure to analyse across all relevant parameters will only deliver an overall retail proposition that fails to attract sufficient traffic, misses its target customer and loses the battle with competitor retail destinations.

 

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What can we do for you?

  • how do I develop my retail location into a customer traffic destination?
  • how do I know what is the most commercial number and capacity of stores to have?
  • what balance of types of stores should I encourage from local independents to
    national chains?
  • how can I improve the professionalism and performance of my unique local retailers?
  • how do I ensure my retail offer has the
    correct taste for my priority customer?

 

This is how we help…

 

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15.  Venue Mapping “Shopportunities” – retail location analytics

 

“What do I need to do to create the optimum retail mix for my retail location with the correct number & size of stores, mixture of store types, quality of store deliveries, selling the correct assortment ranges and in-line with the visitor demographics and taste?”

Overview:

A detailed analysis of the client retail location (town centre/SC/leisure retail location) against competitor destinations to measure weaknesses and opportunities to improve the retail proposition and to drive traffic.

  • town centres, BIDs, shopping centres, airports & travel hubs, leisure parks, holiday retail, universities, museums and cultural centres
  • analysis of number of outlets, size of outlets and overall capacity
  • analysis of retail mix by product category, type of store and quality of store
  • measurement of store experience level – design, vm, marketing, customer service…
  • analysis of “experience indexing” across stores and cumulative against competitors
  • quantitative & qualitative comparison with competitive destinations -”retail indexing”
  • analysis of the fashion position of the destination against demographics
  • assessment of barriers to traffic – access, parking, opening hours
  • assessment of retail community opportunities, marketing, events & promotions
  • a unique combination of legwork, brainwork and action planning

Benefits:

  • Identify fundamental weaknesses and opportunities in the current retail mix & proposition
  • Improve the mix of stores and the cumulative “retail index” against competition
  • Identify potential for independent retailers to become local destinations through improved processes, buying, marketing and proposition – improved “experience Index”
  • Prioritise ways to improve/refresh/regenerate the environment, improve the dynamic experience  and event activity for maximum ROI
  • Cost effective ways to improve existing retailers – independents & local chains
    “One Shop at a Time!”
  • Action plan and “hit-list” for introduction of new retailers
  • Quick-wins for existing retailers, medium goals for retail communities and longer term goals for town planners

Process:

  • Benchmarking client location stores and competitor destinations
  • Interviews with all stakeholders – councils, organisation, retailers, retail associations…
  • Analysis of all existing relevant market research, catchment and demographic data sources
  • Analysis of retail location events, marketing, promotions and seasonal initiatives
  • Series of workshops and final delivery presentation

 

Aggressive actions (from a potentially long list):

  • implement “quick-wins” to improve the retail environment
  • implement “quick-wins” to minimise retail negatives such as parking, access and anti-social behaviour
  • quick help actions to protect and improve local independent retailers
  • community actions on events, marketing and traffic drivers
  • “quick to market” plan to attract new retailers with incentives

 

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Check out more of our series of “audits, analysis, answers & aggressive actions”

tim radley - CEO, VM-unleashed.ltd

 

Please get in touch. We’ll be happy to help & advise…
+44 (0)7967 609849
tim.radley@vm-unleashed.com

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