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Retail Renaissance: How Predictive Analytics is Transforming Site Selection
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Your location strategy has to consider how a new store
would fit into a given community—can the market even
handle another store—and how it affects your other
locations. How much commerce will shift f rom one location
to another? How far do people travel to your locations? And
where can they actually see and access your store? What are
the main points of interest in the trade area?
Site modeling is ultimately about gauging the potential
opportunity of a location. But most site analysis software
isn't equipped to include the astronomical number of
variables they need to accurately measure that opportunity.
If you're a hardware store like Lowe's, for example, a paint
store like Sherwin Williams isn't a direct competitor for
your store overall, but they'll certainly compete with your
paint department. Just as the niche plant nursery and the
neighboring Kroger store's garden center will compete with
yours. Depending on your business, you may need to break
down competitors by department to accurately forecast the
potential of a site.
Thanks to the proliferation of data sources available today
and a rich understanding of the factors that affect site
modeling, Tango's predictive analytics suite has the highest
accuracy in the industry.
