InsightsRetail

New Opportunities for Empty Space

By March 22, 2016 November 7th, 2017 No Comments

Lately, a number of developers have contacted IdealSpot to help them identify the top retailers or retail categories for their sites.home depot parking lot

We have built our business around the ability to map active and passive purchase intent for our client’s products/services.

Home Depot was looking to fill their oversized parking lots with retail—using their strong brand as the anchor tenant.

Obviously this is a great business opportunity for Home Depot because:

1. Home Depot pulls in a lot of traffic.
2. They have a number of locations across the United States with underutilized space that they can monetize.
3. A number of retailers would pay a premium to be closer to Home Depot.

How IdealSpot helped the contracted developers and Home Depot:

In this case, we analyzed all brick-and-mortar categories around each Home Depot location to find business concepts that held the greatest amount of consumer interest and intent. We took our top results and ran a Market Gap analysis for them. This identified concepts and categories that contained high consumer interest and intent, but not enough supply to meet consumer demand.

For some locations, it was a sports bar. In some locations it was a mix of specialized retail like women’s shoes. In others it was a golf store. In all cases though, we compared actual real-time interest and purchase intent versus a “shot in the dark” based on targeting demographics for a specific retailer and hoping the profiled demographics had actual purchase intent for the retailer’s product or service.

So, whether you are a developer trying to determine a build-out, or you were hired by the developer to find tenants for an open retail space, IdealSpot has the industry’s best data-set/tools for predicting and measuring success for a particular type of business at a particular address.

Marc Smookler

About Marc Smookler

Marc Smookler has founded 6 companies—2 of which have been acquired and 3 of which are market leaders in their respective spaces—the leading brick-and-mortar retail analytics company (IdealSpot.com), a leading online retailer (SakeSocial.com), and a cutting-edge marketing services platform (Written.com). Marc’s companies have generated over $300M in lifetime revenues and sold over 150,000 products worldwide.

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