When retailers, property developers, or community planners are exploring a new location for business expansion, they need to understand the existing consumer market. To determine this, they must map the trade area for their proposed site. This mapping process involves studying factors such as traffic patterns and shopping habits, and examining competition in the local marketplace.
In the past, professionals often used a variety of different methods for trade area analysis. One common method is called equal competition areas, or Thiessen polygons. This method combines data from competing business districts to create a trade area based on as-the-crow-flies distances. Since these trade areas do not adjust for how...
When retailers, property developers, or community planners are exploring a new location for business expansion, they need to understand the existing consumer market. To determine this, they must map the trade area for their proposed site. This mapping process involves studying factors such as traffic patterns and shopping habits, and examining competition in the local marketplace.
In the past, professionals often used a variety of different methods for trade area analysis. One common method is called equal competition areas, or Thiessen polygons. This method combines data from competing business districts to create a trade area based on as-the-crow-flies distances. Since these trade areas do not adjust for how people travel on the ground, they are often inaccurate.
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