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7 Ways to Use Your Proprietary Data in Site Selection
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Similar to store attribute data, site characteristic data can
have a huge impact on your performance in a trade area,
and it should play a role in your location strategy. This is
more about evaluating the visibility and accessibility of
the site itself, since that affects the store's ability to access
the demand in the trade area.
The less visible your store is, the fewer "impressions" you'll
get as people spend time nearby. And the less accessible
it is, the more friction people experience when they
decide they want to visit your business.
While there are some concrete site selection criteria you
can use here, this can be a bit subjective, too. Since there
are numerous variables, you may use a rating system
to create more general comparisons. This aspect of site
selection can feel more like a "homework assignment,"
but the more you do it, the easier it becomes. Perhaps
the most subjective component is evaluating the site's
strategic positioning. How well does it align with your
business goals? Is it close to complementary businesses
or services? Is it near popular attractions and activities,
like schools, sports facilities, or movie theaters?
4. Assess site characteristics
