Data driving retail real estate

The once-traditional retail mix is changing drastically, making data surrounding retail property decisions more important than ever. There’s a higher importance on understanding not only the volume of pedestrians passing empty units, but also customer demographics. This information is critical for investors and landlords building a bigger picture of the retail mix best suited to individual locations.

How do visitors move throughout your location?

Between 50%-60% of Baby Boomers (Age 55+, born 1946-1964) who own a mobile device use it while shopping in stores and retail destinations. In comparison 85% of Generation Z (Gen Z, born 1995-2015) use their mobile devices, making it easier to track how the younger audience moves around destinations.

With the introduction of wearable tech and the rise of people owning more than one Wi-Fi enabled device, the mobile tracking method is best used for measuring the path of movement rather than purely counting the number of visitors. However, when the two are combined (path of movement and pedestrian counting), these tools can deliver far greater insights.

MRI OnLocation for footfall analytics provides the full visitor journey from pedestrian counting to capture rate and retailer sales performance. Using a combination of demographics, Wi-Fi tracking and pedestrian counting, leasing teams can gain a bigger picture and a deeper understanding of customers and enhance their knowledge of the optimum retail offer for the location:

  • Could this empty space be best used for traditional fashion retail?
  • Does the local demographic suggest a newer experiential store would have a greater impact?
  • Would the often overlooked option of a shared working space succeed and bring new life to otherwise dead spaces?

Looking for more insights into your location? Connect with us to learn more.

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Footfall Analytics

Boost performance with actionable insights based on AI-driven footfall analytics

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Foot Traffic Analytics
Insights

MRI OnLocation UK Monthly Commentary – February 2024

Despite half-term footfall boost in February, the UK saw footfall drop from 2023 as store closures, rail strikes and storms take their toll on retailers Each month MRI OnLocation delivers insights on retail performance for UK retail destinations. Feb…

MRI OnLocation UK Monthly Commentary
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