|
Research
Issues:
- Defining
the catchment area of a shopping centre or retail outlet in terms
of drive-distance, drive-time, or even walk-time and distance. Depiction
of this on a map for better visualisation, tracking and observation
of trends. The subject property's primary and secondary
catchment areas are defined in terms of drive-time, etc, on a digital
map using GIS. The characteristics within these catchment areas are
further analysed. This forms the basis for further studies such as
market positioning / repositioning, competition and cannibalisation
analysis, etc.
- Determining
the population (demographic) characteristics within the catchment
areas, their incomes, shopping patterns and lifestyles. How do these
impact a particular centre or retailer? Can these be represented on
a map for marketing purposes? Up-to-date information on
population size and socio-economic classes within these catchment
areas can be collated using Geodemographics (see Research Area:
Geodemographics). Further demographic characteristics such as
age, ethnicity, shopping patterns and lifestyles are obtained via
sample surveys. These patterns can be represented on a map for better
visualisation and analysed for their impact on the subject property.
-
Positioning or repositioning of a shopping
centre or retail outlet. Recommendation of trade and tenant mix. Factors
to consider when designing a shopping centre. This begins
with an analysis of the centre's catchment area and the demographic,
economic, cultural, demand, competition, locational, accessibility
and infrastructural factors that affect the centre. A target market
is identified and its shopping behaviour analysed further through
observation, sample surveys and focus group discussions. A market
position for the subject property is then developed in terms of construction
size, general design, trade and tenant mix, rental, etc. Advertising
and promotion strategies which enhance sales are also recommended.
- Identifying
potential trade areas, evaluation and selection of new sites for a
retail chain. General market conditions are studied to
identify potential trade areas, followed by an analysis of the demographic,
economic, cultural, demand, competition, locational, accessibility
and infrastructural characteristics of these areas. A criteria ranking
system is used to determine a particular trade area. Sites within
the trade area are evaluated and selected based on key criteria such
as its sales and growth potential, accessibility, synergies from nearby
stores, leasing & occupancy terms, etc.
- Rental
review for an existing shopping centre. Involves a market
study of the various conditions that affect the shopping centre. Customer
exit surveys and interviews with tenants/retailers are also conducted.
Attention is paid to prices, rentals and take-up rates of competing
projects. Conclusions are drawn as to what revised rental rates and
terms the shopping centre should adopt.
- Retail
Network Planning.
When a retail chain plans to rationalise its outlets by opening new
outlets in areas where there are market opportunities and relocating
outlets which are underperforming, a retail network planning study
is employed. Point-of-sale surveys are conducted to determine
customer demographics, travel patterns and shopping behaviour, following
which these are mapped using GIS. Analysis of the maps enable identification
of under-penetrated areas as well as where trade areas overlap and
cannibalisation is taking place among the chain's own outlets
(potential relocation).
- Data
Support.
MIRP
provides basic retail data such as rental ranges of shopping centres,
net lettable area, existing and future supply.
|
