Our Thoughts > 3 Ways To Evaluate Trade Zones For Extraordinary Business Insight
3 Ways To Evaluate Trade Zones For Extraordinary Business Insight
The concept of the retail trade zones has been used by analysts and practitioners in retail site evaluation and other market studies for a long time. In fact, retail trade zones correlate to urban commercial centers. Retail trade zone analysis and evaluation almost always focuses on locating and describing target markets, an essential action of virtually all business, but there are different ways to do this. Here are 3 ways to evaluate trade zones for extraordinary business insights:
1 – Business center system analysis
Based on a systematic analysis of the history of city business and its spatial pattern, initial exploration on the structure of urban planning is somehow a core aspect of government willingness, which will influence the future development of urban commercial areas. Various decision factors classify each trade zone with spatial differentiation within urban commercial centers.
2 – Business environment studies
The formation of a hierarchy of urban commercial centers is a result of the interaction of many factors, resulting in the formation of the commercial center, such as population density, business intensity, lifestyle intensity, quantity and quality of relative brands, shopping malls, traffic convenience and so on. Influencing factors within business environments and its regression analysis will provide references to assess retail synergy scores for every trade zone.
3 – Geographical structure of commercial and consumer behavior studies
It’s difficult to form a comprehensive understanding of factors influencing business center formations with traditional methods only. GIS with a strong visualization element and spatial analysis for retail and demographic information, has become a crucial technological means to evaluate commercial centers.
A good location means foot traffic, regular customers, and stable growth revenue. But how to choose the right location?
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