Understand the relationship between store performance and footfall trends in retail destinations, to determine the ability of a store – and store network – to capture available trade in the light of evolving shopper behaviours.
The retail trading environment is in the midst of remarkable change. Shoppers are no longer hidebound by the limitations of the bricks and mortar environment, and can now shop almost anywhere, 24/7.
However, 85% of retail spending still occurs within stores, reinforcing the importance to shoppers - and hence to retailers - of a physical trading environment.Whilst change is ongoing, and the underlying trend is one of declining footfall, the pace of change is not constant nor indeed are the locations in which change is occurring.
Some retail destinations are proving to be resilient and some are prospering, whilst others are struggling.Tracking footfall benchmarks in retail locations provides the context for the evaluation of retail store trading performance. Whether the evaluation is to understand the extent of unfulfilled trading potential, or the success of store and network initiatives, comparing footfall activity with store customer numbers and/or sales, delivers a robust metric that can be readily quantified in terms of additional potential revenue.
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