The once traditional retail mix is changing drastically, and so data surrounding real estate decision making is more important than ever. There's a higher importance on understanding the volume of pedestrians passing empty units, but also customer demographics. This is integral in 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+ - 1946 - 1964) who own a mobile device use it while shopping in stores and retail destinations. In comparison 85% of Generation Z (Gen Z - 1995 - 2015) use their mobile devices, making it easier to track how the younger audience move around destinations.
With the introduction of wearable tech and the rise of people owning more than one Wi-Fi enabled device, this 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 derive far greater insights.
Springboard 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 therefore a deeper understanding of customers. Enhancing knowledge on the optimum retail offer for the location.
Could this empty space be best used for traditional apparel retail?
Does the local demographic suggest a newer experiential store would have a greater impact?
Would an often less thought about option of shared working space succeed and bring new life to otherwise dead spaces?
Connect with us to discover more insights into your location.
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