Pre-Opening of a Store or Shopping Center
Consumer research can establish current shopping and expenditure habits of consumers before you open a store or center in that area. Learn who your competition will be and their strengths and weaknesses.
Post-Opening of a Store or Shopping Center
Consumer research completed after a store or center has opened can measure your impact on local shopping patterns. Particularly effective if pre-opening research was conducted, from which comparisons can be drawn.
Consumer research can establish current shopping and expenditure habits of consumers both in downtowns as well as shopping centers. A frequent use of Downtown consumer research is defining an existing trade area or market area on a quantitative rather than an anecdotal basis. Understand the market dynamics before a planned development is approved. Learn who your competition will be and their strengths and weaknesses.
A telephone survey is a quantitative research technique where a representative, random sample of the population is interviewed. The biggest advantage to a telephone survey is the ability to reach both non-patrons and patrons of your store or center.
Another quantitative research technique is the intercept survey where patrons walking throughout your downtown or exiting your store or shopping center are interviewed. An intercept survey is not a random sample of a given trade area, but rather a random sample of customers. As such, it is a powerful tool in determining the spending patterns of store or center patrons.
Focus groups are a qualitative, non-quantitative, research technique. They involve an in-depth discussion with a small group of people. Focus groups are particularly effective in determining feelings and impressions. They can be excellent idea generators and forums to evaluate new concepts.
A business/merchant survey is one way to analyze the issues that are impacting business owners in a commercial district or tenants in a shopping center. Opinions of key stakeholders should be considered when planning a market strategy for your shopping center or downtown.
The Strategic Edge, Inc.
1899 Orchard Lake Road, Suite 105
Sylvan Lake, MI 48320