Using commuting data to define the trade area boundaries. Although not as precise in pinpointing customer origins as Implicationx addresses, zip codes are easier to collect and work well in rural areas where geocoding accuracy often diminishes. Print a Retail Trade Analysis Info Sheet PDF. Group discussion questions for tonight In simple terms, a gravity model attempts to predict the probability that a customer will shop at a given commercial center.
PPT — Understanding Your Trade Area: Implications for Retail Analysis PowerPoint presentation free to download - id: aca6c-MzE5N more less more less. Preferences Sign up Log in. Understanding Your Trade Area: Implications ofr Retail Analysis - PowerPoint Imlpications Presentation. The presentation will start after a short 15 second video ad from one of our sponsors.
PPT — Understanding Your Trade Area: Implications for Retail Analysis PowerPoint presentation free to download - id: aca6c-MzE5N The Adobe Flash plugin is needed to view this content Get the plugin now. Title: Understanding Your Trade Area: Implications for Retail Analysis Description:. This is the foundation of retail market analysis. In retail trade analysis, the most popular method is 'Reily's Law of Retail Title: Understanding Your Trade Area: Implications for Retail Arfa. Retail trade is one Unserstanding the most important indicators of economic activity in a community or county because local citizens spend a large part of their Anlysis on goods and services.
The measures of retail trade and spending reflect consumers preference for the retail mix in the area and show how Analydis the economy is doing overall. Since retail is one of the major economic forces in the country, local officials often want to know how they compare with their competitors. It helps existing businesses to identify ways to expand their own market. This can be done in several ways Conducting a traffic flow study, Using a retail gravity model, Using a zip code method, and Using Implicatons data to define the trade area boundaries.
Of these methods, COMMUTING and RETAIL GRAVITY approaches present the least amount of work to implement. Is the random canvassing of parking lots at major locations in town at different times on different days and over several weeks. The locations might include? Major shopping destinations such as shopping malls and centers, Wal-Mart Super Center, Home Depot, Krogers, and? Other popular establishments in town. Gor from a traffic study will usually reveal the major towns and Understamding that comprise the local trade area or market.
Converting commuting time to work into spatial distances or miles and plotting these data on a map, provide a visual picture of the geographic size of its trade area. Trade Area Major Commuting Counties 15 Figure 1. Trade Area Immediate Commuting Counties 16 Reilys Law Another easy way of defining the retail trade area is to use a gravity model. Implicatikns retail trade analysis, the most popular method is Reilys Law of Retail Gravitation.
Reilys law is a rule-of-thumb used to ESTIMATE the distance customers will travel to PURCHASE goods and SERVICES after comparing price, quality, and style. Thus, LARGER TOWNS DRAW CUSTOMERS FROM FARTHER DISTANCES THAN SMALLER TOWNS. The maximum distance a customer will travel to shop in a smaller town can be calculated Aeea the following formula. Picture of Communitys Trade Area 20 Estimating Total Market Size Once the physical boundaries of the trade area have been identified, one should estimate the total market size.
The total market consists of Tradde in the host community plus population from surrounding towns in the trade area. Reilys Law is less accurate when involving larger towns. The following formula can be used to estimate potential retail sales. One should compare retail sales over SEVERAL YEARS to determine the LONG-TERM health of retail sectors in the city. Trade Area Capture TAC is an estimate of the number of people who shop in the local area during a certain period. Knowing Unverstanding trade area, one can determine the size Understabding pulling power of local merchants in the market using a concept call pull factors.
Pull factors are ratios that estimate the proportion of local sales that occurs in a town. A trade area will often extend beyond its own geographic borders. Whether your application is business, how-to, education, medicine, school, church, sales, marketing, PDF Understanding Your Trade Area Implications for Retail Analysis training or just for fun, PowerShow. And, best of all, most of its cool features are free and easy to use.
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Related Content PDF Version Home» I. Understanding the Market» Trade Area Analysis. For each type of trade area: Identify major retail centers. URBAN AND REGIONAL ANALYSIS: “ Understanding Your Trade Area: Implications for Retail Retail capture analysis Robertson Exercise 3: retail capture analysis. retail "leakageorgap"inthecommunity. comffort.ruingthetradearea,youcandetermine P Understanding Your Trade Area: Implications for Retail Analysis.