How Location Intelligence Contributes to Store Profitability – An ST Group Retail Series
Do business leaders always know what makes a retail store successful?
For many retailers, annual performance quotas are set as a percentage increase over the previous year. While this may well motivate the high performers, those with poor performance might be constrained by external factors. One of the most important environmental drivers of performance is location, and many retailers are using Location Intelligence to improve their performance predictions. These days, incorporating Predictive Analytics in Location Intelligence aids in the understanding of how site location, demographics, competition, store size, foot traffic and other external characteristics influence store performance. Comparing a wide range of internal and external factors for all the “stars” and “losers” in a retail organisation can identify the desirable and avoidable components of a desired Store Profile. The external factors in that profile are all likely to have a location relevance.
Hear how ST Group can help you to assemble the software and external data products that help to develop these Store Profiles click here