Every retail concept has hard and fast rules about what characteristics need to be present when selecting real estate.
As you're a tenant rep, or a retailer yourself, you know these rules change depending on the store format, the geography, and market type. They also make it challenging to evaluate real estate opportunities in a streamlined manner.
Market Plans allow you to define each expansion strategy by locale, and then become an organized set of rules by which any property or listing can be ranked by.
Market Plans go beyond only outlining certain demographics or desirable anchors, but also let you state the real estate requirements for candidate locations, such as required square footage, lease rate, building type, and so on.
Accessing your Market Plan Library
Click on the Market Plan tab along your top PiinPoint navigation menu:
In the top right hand corner, select the option to Create New Market Plan:
Creating a Market Plan
There are five types of requirements to fill out in each Market Plan:
- Trade Area Population Threshold (how big is the market?)
- Geography (where does the criteria pertain to?)
- Demographics (who is your target market?)
- Points of Interest (what brand proximities should you optimize on?)
- Real Estate (what site traits do you need?)
There are step-by-step instructions below for filling out each one.
- You don't have to "save" your Market Plan title when you're done inputting the criteria, all fields will auto-save unless otherwise stated
- If some of the fields are not applicable, you can just state that they're N/A
Step 1: Describe your Trade Area Population Threshold
What size of trade area do you assume? Are customers captured from within a 1 mile or 2 kilometer ring? A 5-minute drivetime radius? Select your trade area size from the dropdown:
Then within that Trade Area, set your population threshold. For example, do we need 5,000 people living with that 5-minute drivetime? 20,000? etc. Select your population threshold from the dropdown:
Step 2: Describe your Geography Requirements
All requirements - trade area size, population threshold, target market - may vary from one area to another. Input the City or State/Province where you would like these criteria to be applied using the Add Geographies button above the map:
Type in your keyword to pull up the desired City e.g. "Vancouver, British Columbia":
Step 3: Describe your Demographic Requirements
These nine criteria allow you to illustrate what types of customers you're seeking around candidate locations. Using the dropdown menus, set the preference for each one that applies, or state if it's not applicable:
Step 4: Prescribe your Points of Interest Requirements
Points of Interests considered in site selection likely have a Positive or Negative association to unique brands, i.e. you'd like to be closer to them, or further from them. Set these types of Points of Interest by searching for either Brand Names (e.g. Starbucks) or Categories (Hospitals).
For each one, specify just how close or far from each one you'd like to be:
As a tenant rep, you can select up to five different Points of Interest to include in your Market Plan. As a retailer, you can select four; the fifth option will be your My Locations set.
Step 5: Describe your Real Estate Requirements
Real Estate requirements can be deal-breakers. They're those little details you scan a listing brochure for, and the key questions that are part of your back and forth with a landlord or broker. State your requirements upfront in your Market Plans so that you don't end up reviewing any sites which don't check off the critical boxes.
Open up the Add Real Estate Requirements menu here:
Fill out all the applicable fields for your concept. You can enter multiple Location Type or Unit Type preferences:
Applying your Market Plans
With that, your first Market Plan is complete! To start applying your Market Plans, head to your Properties page to score sites that have been submitted to your portal.
- You can make as many Market Plans as you like, and edit this one at any point
- All Market Plans can all be viewed within your Market Plan library.
Still have questions? Feel free to reach out to our team using the Chat button in the app, or email email@example.com.