As any real estate analyst knows, building accurate trade areas is critical to the success of your locations. Yet we’ve discovered that many companies—even ones with expansive location analytics departments—often struggle to get this step right. As a result, you may be forced to make important decisions based primarily on imperfect, even incorrect, assumptions.
After interactions with hundreds of retailers and franchisors, we’ve identified three widespread mistakes that are the cause of many imprecise trade areas. They include:
- Relying on Radius Rings
- Depending on Drive Times
- Making Modeling a Final Step
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