Location planning can be seen from two perspectives, which in an ideal world become completely symbiotic.
Firstly there is the planning by any retail destination, to deliver the ideal balance and assortment of retailers to pull in the public to spend, spend, spend.
With hopes of the same outcome but from the alternative angle, retailers themselves need to build a portfolio of outlets in appropriate locations so that spend, spend, spend is always done within their own particular retail walls.
VM-unleashed helps in the planning from either perspective.
Retail destinations are fighting for traffic against other competitor locations so to simply have shops is not enough. The process of populating the high street must consider the target customer profile, the category of products they want to buy, the type of retailer they want to buy from and the overall atmosphere and life in the wider location.
From this a plan, a location proposition, is built with detailing of number of shops, size of shops, geographic market segments, physical grouping, down to an ideal retailer hit-list.
For retail destinations trust, attraction and life are the elements that need to be embraced.
Retail businesses on the expansion or consolidation stage of their evolution equally need to connect with the right customer, who want to buy their categories of product, in the type of store that they represent, and in locations where there are enough of these lovely people to make money.
From this a hit-list of locations is drawn up considering demographics, traffic, retailer benchmarking and competitor density.
From whichever direction we approach VM-unleashed analyses, researches and matches retail locations with appropriate retailers.
So now, what about you?
Is your location strategy on target or wide of the geographical mark?
Are you in need of a location planning transformation?