Scott Dewar, our good friend and colleague from SitePerfect Research has prepared a comprehensive white paper for those of you that need a better understanding of trade area analysis around your retail sites, Trade Area Definition & Demographic Analysis.
While the white paper is written primarily for those involved with site selection, I found Scott’s examples highly effective as a solid primer for gaining a deeper understanding of dynamic trade area formation. Retailers need to move beyond demographics and factor in competition, market flows and site factors for understanding the dynamic trade area around an existing or proposed site.
Scott’s organized approach has produced superior results for numerous regional and national brands. You owe it to yourself, before you rely on a demographic only analysis or spend money on that 3-mile radius mailing, to read this white paper.