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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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