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Retail Gap Analysis
Want the secret to business success? It’s finding where there’s an unmet demand and filling it.
“The retail gap analysis report helped my health food client find the most profitable area of the city in which open his new store.”
David Drewitz, Owner, Creative Options, Inc.
While we can’t guarantee success, at OpenDoorData we can show you where those unmet demands are through an actionable retail gap analysis.
This service is particularly beneficial for:
Business owners who are interested in testing the waters for demand in a prospective location.
Economic development boards interested in gauging the need for specific businesses in an area.
Developers considering new investments in an area.
An OpenDoorData, retail gap analysis provides an in-depth look at the purchasing habits of a community and compares it to the sales data of that community. If consumers are going outside of their community to make purchases, businesses – and potential businesses — are missing out. Also known as retail leakage, a gap between what’s being spent by residents and what’s being sold in the community represents an opportunity that we can help you discover.
We’ll test the gap in several retail categories, such as restaurants, apparel, hardware, garden supplies and more, giving you a clear image of what opportunities exist.
What Your Retail Gap Analysis Will Do For You
At OpenDoorData, we work for you. Our team will provide a customized report that’s specific to your business and your markets.
Retail Revenue Analysis
This portion of your report is the foundation. You’ll be able to see the supply and demand in your proposed business category. The report will show you exactly how much nearby residents are spending and how much is being sold by category. A significant gap represents shoppers who are going elsewhere to get their demands met and is an opportunity.
Key demographics are essential for business planning and expansion and OpenDoorData’s retail gap analysis will provide that. We’ll also provide comprehensive growth projections that give you a snapshot of the future.
Schedule a Free 30-Minute Consultation
Schedule a time to discuss your project with one of our Open Door Data professionals.