How to use the LocateAI platform as a retailer to figure out the best areas within a market to source real estate based on customer behavior
Find high potential areas within a market
Toggle on any data layer (e.g. customer daytime locations) and focus in on the high density areas/neighborhoods to find potential sites. Other mobile data layers can include foot traffic, where your customers work, and car traffic.
Where your customers are working in Brooklyn
Validate if there are enough customers during the day around new sites
Search any address and generate an interactive report. You’ll then see the following information.
A graph on how this prospective site scores, and how it compares to your existing portfolio locations
This score (0–100) is standardized across the United States so you can compare potential sites across markets. In the example above we see the pinned site have a score of 96.8, which is almost the highest out of all stores in the portfolio (represented by diamonds on the line). To give some context, a score of zero means no customer presence (e.g. middle of a forest).
How the prospective site compares to relevant retail locations
In addition, the interactive report will have all the relevant factors for your business (POIs, demographics, psychographics) in the same place with comparisons to your top portfolio locations, so you’ll easily be able to evaluate new sites.
We hope you find this useful when you’re evaluating sites in new and existing markets. If you have any questions regarding this product application, please let us know at hello@locate.ai!
Best,
LocateAI Product Team
