The PlaceSense Footfall Density accurately reveals areas of high interest for the location selection process in pedestrian-based retail.
Beginning a new venture or extending an existing one can be both thrilling and intimidating. There are numerous things to mull over, including selecting the ideal location. In this article, we’ll go through a use case of how a location intelligence platform can be utilized to open up a new
candy store or enlarge an existing one.
For a candy store, it’s essential to identify footfall zones in the city and comprehend the competition. By utilizing location intelligence, companies can make sound decisions about where to open their store and adjust their tactic to the local market.
When taking into account the opening of the new candy store in the middle of Cologne, the analysis of the footfall density of the whole region will reveal the hotspots of Schildergasse, Heumarkts, and the bustling parts of Hohe Strasse. This will aid in making sure that the store is opened in the proper places and at the proper times, maximizing its chances of succeeding.
For opening a new store there was an interesting opportunity in terms of available rental space and price in the Northern part of Hohe Strasse, close to the above-mentioned hotspot. The Hohe Straße is a popular destination with an impressive one million visitors stopping by, and on Saturdays, it’s particularly busy as approximately a quarter of a million people come by.
The catchment area, consisting of postal codes with the potential to attract 2 million inhabitants, is expected to contribute at least 0.5% to the overall traffic.
Analyses of existing competitors
Captain Candy has made a splash in the candy market, with 0.25%-0.4% of inhabitants visiting the store – leaving the competition in the dust. That said, it’s no surprise that Kingdom of Sweets is a popular destination for those in its relevant postal codes. Whether it’s from the street, or simply folks looking for an alternative to other stores, Kingdom of Sweets is generating plenty of visits.
When it comes to planning an advertising campaign for the new store, it’s essential to employ location intelligence in order to accurately target visitors. This will make sure the marketing campaign is effective and that the new store makes the most out of its market share. Targeting potential customers who live nearby and are likely to visit the store can be a winning strategy!
You can re-watch our webinar about this topic here: https://www.nexiga.com/webinar-besucherstroeme-verstehen-standorte-finden/