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Location Intelligence Software Buyer's Guide
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You don't just want to know who you're moving in next
to (or who's moved in next to you). You need the ability
to measure and analyze the potential impact competing
stores have on your business. Are they too close? Are
there too many? How established are they?
This is another area where some location intelligence
software will use a generic approach to estimate
cannibalization and the threat posed by competitors.
But if you're a shoe store, a niche local competitor won't
have the same serviceable area or impact on your sales
as Nike. And what about a big box store that happens
to have a shoe department? When your software treats
competitors equally or estimates their cannibalization too
broadly, it will lead you to miss good opportunities and
double down on bad ones.
Quantifying store cannibalization
and analyzing competitors