6.8: Putting It Together- Trade-Area Analysis and Site Selection
The location, the demographics of the population, how many people live within the trading area, secondary trading area and fringe area, along with many other variables need to be evaluated when you are putting together plans for any retail location. Even online businesses need to know their market in order to advertise appropriately and reach the right consumers.
There are so many different facets to retail operations, and the location you choose to open your business is by far the most important. Knowing your competition, and businesses that may help your business thrive are important aspects as well.
The U.S Census is a good place to start, but you may need more current and detailed information regarding your market, which can be obtained through GIS systems. Being able to overlap data to find the best possible location options is available through the use of GIS. Building a new business is tough, so use all of the available resources to help you find the perfect location with the perfect consumers.
Contributors and Attributions
- Putting It Together: Trade-Area Analysis and Site Selection. Authored by : Freedom Learning Group. Provided by : Lumen Learning. License : CC BY: Attribution