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Choose the optimal store location

5 min Medium


Why use vMAP to select a new store location?

vMAP has the functionality to visually analyse store locations and markets. It can display relevant information on the mapview by visualising and interpreting trends and relationships within the specified area.

How do retailers choose the optimal store locations with vMAP?

Retailers can follow these steps to use vMAP when selecting the optimal store location for a new store or business expansion.

  1. Import data into vMAP
  2. Create a new mapview to view data
  3. Create and edit store's service area
  4. Add and compare candidate sites
  5. Analyse competitor sites

storesite

Step 1. Import your store data into vMAP

To review the importing process, click on Import spatial data into vMAP for details on how to import demographic and traffic accounts survey data into vMAP.

Step 2. Create a new mapview to view the data

After importing the data into vMAP, to view the datasets, please check out Create a new mapview to review the detailed steps of the process.

Step 3. Create and edit a store's service area on the mapview

The "create radius" feature of vMAP enables users to create an area around a given location on the mapview. The area can be defined based on driving time, driving distance, walking time, or other metrics. The area can be used to plan the service area for a store. Please refer to Create radius for objetcs on mapview for detailed operations.

store location3

Step 4. Add and compare candidate sites

On the mapview, you can either draw and add potential store locations onto vMAP as points manually or import the location data of your competitors as layers. After importing the data, you can compare the store locations and competitor information by clicking on the icon of a point. Or you can click on a polygon on the mapview to retrieve the following information:

  • household size
  • trade-area population
  • average or median household income
  • employment base


Step 5. Analyse competitor sites

A retailer looking to open a store in a new market should take competitor data into account when deciding on potential store locations. "Where are my competitors located?" is a common question for retailers to ask themselves. vMAP has a competition mapping feature which provides a quick and simple visual guide of nearby competitors within a target area.