Location intelligence and foot traffic analytics are transforming the way retail strategies are defined, and department stores are no exception.
The correlation between foot traffic, sales, and the success of department stores have been studied and proven, so the development of this type of analysis has become a priority in the site selection process and expansion modeling.
New data management methodologies now allow retailers to take advantage of even the smallest piece of information to generate valuable insights that help optimize their marketing and customer loyalty strategies.
What promotions do we do to get more customers to the point of sale?
In the digital age, location intelligence and foot traffic analytics based on mobility data are changing the retail business, giving many retailers an edge over their competitors.
Location intelligence is defined as a methodology for understanding and visualizing mobility data to help solve a wide variety of retail problems.
Foot traffic analytics is derived from location intelligence, helping retailers to obtain a better understanding about how people move around physical locations and enabling new visibility into consumer behavior patterns by presenting a visualization of people's movement within a physical area, even segmented by the infinite type of consumers who pass near a store.
El Mismo Precio, a store located in the Pradera Concepción shopping center in Guatemala, has a potential market of 136 thousand consumers within a 15-minute drive, of which 13% are interested in discount stores.
Using the Geomarketing solutions we have developed for our clients, CentralAmericaData's Business Intelligence Team analyzed the environment of some of the main locations of low cost stores operating in Central American countries. Below is an excerpt of the study's findings.
Analyzing the offerings of a supermarket, department store or convenience store and examining what type of consumers frequent those establishments is key to establishing which chains a company's products should be present in to increase their profitability.
By analyzing large volumes of data, it is possible to combine information on the products that commercial establishments sell with details of the types of consumers that are attracted to the different chains.
Finding out how many people live in the surroundings of the establishment, their income levels, their ages and their tastes and interests, is fundamental information to measure the potential of a supermarket's location.
Using the Geomarketing solutions we have developed for our clients, CentralAmericaData's Business Intelligence team analyzed the environment of some of the main supermarket locations operating in Central American countries. Below is an excerpt of the study's findings.
Whether it is a restaurant, a coffee shop, a hotel, a supermarket, or an auto parts store, location is, if not the most important, one of the most decisive factors in determining the success or failure of a business.
The change in consumer habits resulting from the boom in e-commerce and the preference for avoiding visits to physical stores, has forced some large commercial surfaces to be transformed into storage and logistics areas.
The covid-19 outbreak caused the emergence of a new commercial reality, in which consumers are less willing to go to physical stores to make certain purchases and prefer to store online.
In Costa Rica the chain Almacenes El Rey will open in the next months four new points of sale in San Carlos, Perez Zeledon, Liberia and Santa Cruz.
The stores that will soon open to the public will have a different format than those already operating in other areas of the country. The concept of the new establishments will be winery type with a smaller size, when compared to the points of sale located in the Great Metropolitan Area.
The Novex chain of hardware stores opened its first branch in the country, which has an area of 3,000 square meters and is located in Curridabat, east of San José.
The new store that belongs to it is specifically located 250 meters east of the bomb La Galera, on the old road to Tres Rios, and has 20 departments that include construction materials, household items, pets, gardening, vehicles, painting, among others.
In Central America, more than 800,000 people are looking to buy items to decorate a house or apartment online, and of this group of consumers, approximately 12% explore options to purchase lamps and their accessories.
The interactive information system of CentralAmericaData, monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the current commercial environment in which companies of all industries must operate.
It is estimated that in Costa Rica at least 40% of the premises located in shopping malls have been forced to close permanently due to the restrictions imposed by the covid-19 outbreak.
The Almacenes Siman store located in Plaza Gran Vía, in Ciudad Merliot, is a sales point that, at a distance of 15 minutes walking, captures a potential market of over 15 thousand consumers, and 87% of them are interested in footwear.
Using the Geomarketing solutions that we have developed for our clients, CentralAmericaData's Trade Intelligence team analyzed the environment of some of the main department stores in Central America. Below is an excerpt of the study's findings.
After investing $17 million, Walmart opened a new store to the public on July 10, in the canton of San Pablo, province of Heredia.
This new location becomes the 14th store that the chain will operate under the Walmart format and for the operation of this supermarket, the company will hire 123 people, said the official statement.
Given the gradual return to physical stores, customers will appreciate it if businesses disinfect stores several times a day, if other visitors are required to clean their hands before entering, and if employees use protective equipment at all times.
Although in this context of the spread of covid-19, digital channels have gained ground in Central American markets and this trend is expected to continue in the coming months and years, there are commercial establishments that will have to adjust their face-to-face sales strategy to the demands of the new normality, since there will always be customers who prefer to continue shopping in person.
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