Determining the optimum location to place a new retail store can be a hard and tricky process and not to mention quite time-consuming. eSpatial retail mapping provides you with a clear visualization of your data’s density making this selection process quicker, easier and more accurate.
eSpatial’s interactive map allows you to identify and visualize gaps in your market thereby making it easier for you to decide where to place your store.
How eSpatial helped a retail company find the best locations for new stores
A retail outlet chain recently approached me wondering if eSpatial could help them find the optimum locations for some new stores. This is an established company with a number of stores across the US. Now it wanted to venture out into new territories.The aim was to identify – on one map – the states in which they currently had stores, thereby allowing them to identify the gaps in their market. Straight away I suggested that they create a heat map report.
Using a heat map for retail mapping
They created a heat map report using their own store locations and US state boundaries, which are built into eSpatial. The result: a colored interactive map (see below) clearly highlighting density of stores by state and gaps. This gave the company clear insights, which a spreadsheet could never have provided. In addition, these visual insights could easily be shared across the company.
Delve Even Deeper
I suggested that they overlay US Age/Sex demographic data (also provided by eSpatial) onto this map to help identify states containing a high proportion of their target market (people aged between 30 and 39). As you can see below, the states in their map are colored and categorized according to the proportion of people aged between 30 and 39 within them. This helped determine gaps in the their market and suggested where it would be most beneficial to place a new store.
- Saved Time – Results in 15 minutes that previously took weeks
- Saved Costs – Previously used costly external consultants that are no longer required
- Increased Revenue – One of the new stores opened has become one of their most profitable outlets
Create A Similar Report Yourself
If you need any help, please feel free to get in touch with eSpatial support or your customer success representative as they would be more than happy to help you out