- Starting data
Average weekly retail figures for 5 locations between Weston Super Mare and Gloucester. Seasonal variation in furniture spend illustrated by providing figures for March to September and October to February.
Client experience suggested that most customers will travel up to 20 minutes to reach a store. The client also identified the P2 People & Places tree type of the source store customers.
Also provided was a publicly available list of competitor sites.
- External data sources
The potential value of the furniture market was based on the data from the Living Costs and Food survey (LCF) indicating weekly spend by P2 People & Places tree type per household for furniture and furnishings.
- Target locations
The client identified 42 towns within the study area. These towns were geocoded by eye to provide locations in the centre of the settlement.
We carried out the analysis using Prospex Desktop GIS. Prospex provides the tools to import customer specific data, classify the data using demographics and create catchments based on driven distances or times. Prospex will produce digital maps or export data into spreadsheets such as Excel for further processing.
- Customer model
The client supplied data for weekly takings and catchment areas for the stores in the Bristol area. Combining the information with the LCF survey data produced a total possible weekly spend on furniture and furnishings in the catchment area as well as the market share of the individual stores.
The source catchments were produced using 20 minute drives. Household counts in the catchment for the P2 People & Places tree type identified by the customer as their core target were combined with the LCF data to produce a total potential weekly spend.
We generated a market share percentage by matching the potential spend to the recorded sales figures from the stores.The worst, average and best cases were produced including seasonal variation and annual averages.
- Retail potential
A series of catchments was generated using 20 minute off peak driving times from the target location. Using the P2 profile and LCF data the total market for each catchment was calculated. The retail potential for the target locations was calculated by applying the market penetration % to the total market