Successful management of operational resources is integral to shopping, retail, and leisure asset managers maximising returns on invested capital – and gaining a deeper insight into footfall and visitor data can assist in a number of ways to cut risks, maximise investment returns and create growth.
With more consumers shifting online, retailers must work harder to entice customers into stores, be more responsive in meeting the needs of the modern customer, whilst still having an effective bricks-and-mortar presence which enhances their online offering.
By leveraging retail location intelligence technology designed for shopping centres, leisure parks, restaurants and other high foot traffic locations, property owners can develop actionable strategies to improve ROI performance when assessing new acquisitions, or managing existing assets within a portfolio.
The Benefits of Visitor Data Attract tenants to your retail site
Attract tenants to your retail site
Evaluate the performance or potential of a location by examining its historical and present footfall trends, with access to data dating back to pre-pandemic times. Footfall monitoring and seasonal trends provide trusted qualitative information for potential tenants.
This is also linked to demographic data. Analyse a catchment area population’s demographic profiles including income and purchasing power through postcode analysis can ensure that the rental rates are justified or achievable.
Benchmark against competitor locations
Stand out from your competitors by comparing your location’s visitor and footfall numbers on an hourly, daily, weekly, monthly, and yearly basis. This information can be used to effectively market your site to potential tenants, showcasing how busy your location gets during peak times or even off peak times and show which stores receive the most traffic at different times of the day with movement flow behaviour maps.
By doing so, you’ll build trust and confidence with stakeholders, demonstrating why your location is the perfect fit for any business. In addition, data relating to brand preferences at competitor sites within your catchment can be very persuasive in attracting the right tenant for your site.
Justify rent figures
Understand the split of local, district and regional shoppers visiting your retail site with postcode origin data, linked to catchment conversion and potential catchment. Asset managers can determine their potential market size and provide accurate evidence to support rental prices. High foot traffic in an area provides strong commercial appeal, which supports investment for new store openings or higher rent prices to current or potential tenants.
Footfall trends analysis
Identify patterns and changes in visitor behaviour by day of week and time of day using location analytics and heatmapping tools. By leveraging these data sets, you can pinpoint the most promising locations to help with planning and resourcing or to minimise risk and costs. Plus, discover areas for improvement and unused space or where visitor numbers are declining to provide new signage, add new services or enhance your visitors’ experience.
Investment credibility
Visitor data is key for making informed investment choices in retail and leisure assets – eliminating the guesswork for you. By analysing footfall trends at the local, regional, and national level, managers can demonstrate the resilience and potential of a location based on customer preferences, and provide fair and unbiased insights to all stakeholders.
Location potential
Establish the present and view historical foot traffic in your vicinity to consider seasonal variations as well as predicted trends. Use this retail location intelligence to identify customer demographics to strategize personalised digital campaigns that will draw in greater volumes of visitors, helping to make the most out of matching specific audiences with seasonal sales trends.
By analysing trends, preferences, behaviours and interests of visitors, shopping, retail and leisure asset managers can enhance the quality of their customer experience, negotiate leasing rates, streamline their operations and ultimately improve their bottom line revenue.
Get In Touch
As big data becomes increasingly essential to retail success, visitor data from Place Informatics is an invaluable tool to help your business develop an effective strategy for growth and profitability.
For more information, call 0161 706 1343 or book a discussion about your data needs here:
https://calendly.com/clive-hall/diary-booking
