How does a company measure local community demographics when expanding or relocating?

TIP OF THE WEEK

Population and/or household base

Population growth potential

Lifestyles of Consumers

Income Potential

Age makeup

Educational makeup

Population of nearby special markets, that is, daytime workers, students, and tourists, if applicable

Graduation rates

Number and qualifications of graduates and expats who may want to return to community

Occupation mix

Traffic Flow and Accessibility

Number and type of vehicles passing location

Access of vehicles to location

Number and type of pedestrians passing location

Availability of mass transit, if applicable

Accessibility major highway artery

Quality of access streets

Level of street congestion

Presence of physical barriers that affect trade area shape
Retail Competition

Number and types of stores in area

Analysis of key players in general area

Competitiveness of other merchants

Number of location of direct competitors in area

Possibility of joint promotions with local merchants
Site Characteristics

Number of parking spaces available

Distance of parking areas

Ease of access for delivery

Visibility of site from street

History of the site

Compatibility of neighboring stores

Size and shape of lot

Condition of existing building

Ease of entrance and exit for traffic

Ease of access for handicapped customers

Restrictions on sign usage

Building safety code restrictions

Type of zoning
Cost Factors

Terms of lease/rent agreement

Basic rent payments

Length of lease

Local taxes

Operations and maintenance costs

Restrictive clauses in lease

Membership in local merchants association required

Voluntary regulations by local merchants

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