On Black Friday, the biggest retail holiday of the year, we can’t help but think about how important it is for retailers to find the right location for their businesses — and, how commercial real estate brokers can help them.
Black Friday is upon us once again. U.S. consumers nationwide will spend the day after Thanksgiving – and possibly even part of Thanksgiving itself – camping out for the best deals on TVs, toys, gadgets, and more. While e-commerce continues to change the retail landscape, brick-and-mortar retailers still have plenty to look forward to on Black Friday. Per reports shared by Retail Dive, 44% of consumers still prefer in-store shopping to online shopping, and most Black Friday participants will utilize a mix of online and in-store shopping to make their holiday gift purchases.
As a commercial broker, you’re always looking for ways to help your retail clients maximize their profits. They may use tried-and-true models to select new store locations, but an intrepid broker armed with location intelligence can identify opportunities that retailers may not even know exist. If your clients are looking to join the retail Black Friday frenzy next year and beyond, here’s how you can guide them to the most promising locations with the help of our map-based real estate application, LandVision.
Evaluate Important Base Requirements
When it’s time to evaluate prospective sites and identify the most suitable locations, you’ve got to start with the basics. Using LandVision, you can search within an area based on parameters such as land acreage, building square footage, land use, and zoning. For logistics purposes, you can also easily identify ingress & egress routes and even the amount of parking spaces a retail development has. All of these factors can help determine whether a location is adequate or not for the type of experience your clients want to deliver.
Analyze the Competitive Landscape or Easily Find Co-Tenants
Whether they’re hoping to position themselves next to specific brands, or aiming to put a little distance between themselves and the throng, understanding co-tenancy is a primary concern for some retailers. Using LandVision, points of interest can be easily visualized on a map with just the click of a button. If you have clients that are active in several different markets, you can also use a national major brands search to gain a broader understanding of a competitor’s footprint on a regional or national level.
Dig Deeper into the Surrounding Area
Chances are high that your clients will want to find a location for their business in an area that meets the demographics requirements of their specific customer profile. Once you have a few target locations in mind, LandVision enables you to visualize the factors that your clients take into account when selecting new locations. For example, if they require that a certain percentage of the local population meets a baseline household income level, then demographic overlays in LandVision can help you eliminate locations that don’t meet that criteria. Likewise, if a specific number of cars must pass by a retail development in order for a location to be considered, you can include average annual daily traffic data in your analysis. By overlaying trade area rings, you can also analyze key demographics and other characteristics of the surrounding area based on either distance or drive times.
Present Your Findings and Act on Your Recommendations
With all of this information at your disposal, at this point you should be ready to present your recommendations to your clients. LandVision allows you to easily generate a site profile report for any property, complete with demographics, aerial imagery, and much more. LandVision also places complete property ownership information at your fingertips, so you can easily contact owners regarding specific vacancies within their developments. You can even review an owner’s full portfolio to determine if there are multiple opportunities with the same owner.
Ready to Learn More?
When it comes to retail site selection, there is no one-size-fits-all approach. Chances are, your clients have a diverse set of criteria that helps inform how they select new store locations. Taking the time to explore all available opportunities with the help of location intelligence just might lead to some major wins for you and your clients, both on Black Friday and throughout the rest of the year.
For more on this topic, we encourage you to download our Guide to Turning Market Noise into New Wins. You can also contact us today to learn how LandVision can help you identify profitable business opportunities for your clients!