Market Research
Retail Matching Process
Buxton examined thousands of retailers to determine those with location requirements that best match the buying habits and demographics within the Woodhaven retail trade area.
This analysis identifies potential retailers and restaurants that match the household profile of the trade area. The trade area profile segmentation graph was compared with the profiles of over 2,500 retailers. Retailer profiles were created by taking the existing sites of a retailer in the region, getting the segmentation composition within a 10-minute drive time around each site and determining the average segmentation composition for each retailer. The goal is to match a specific retailer's profile to that of Woodhaven's trade area profile. Where there is a close match of the retailer's location profile with the household profile of the trade area, the retailer is selected as a target for recruitment. If there is a mismatch of profiles, then the retailer is not considered. The selection of target retailers also takes into account other factors. If a potential retailer already has a location nearby, it might not be included. Site characteristics, tenant mix, the site's regional setting, and center development goals are considered.
Conclusion
TenantID provided matches for several retailers that typically locate in an area with similar demographics. This information was extremely useful in determining future development concepts for this area, however upon review, investment in retail would not significantly address the priority issues identified by community members. Further analysis of the market after the redevelopment of Woodhaven may yield different results, at which time different retail development may be more viable.
Please see the companion report, Woodhaven Market Study, for the complete TenantID analysis and results.