Retailers like Best Buy, Kohl's and Apple evidently think the market is looking up, and are planning to open new stores. But, Retail Traffic Magazine reports, retailers are going to be a lot pickier about site selection this time around.
Retail Traffic Magazine says that retailers are demanding more accurate, timely demographics and market information.
"Another factor of site selection that has been going through profound changes recently is the relationship with other retailers within the same trade area. Sophisticated retail operators have always tried to capitalize on any existing synergies with other chains and avoided cannibalization by not opening stores in close proximity to direct competitors. But the retail landscape has changed so much recently, with some long-term players filing for bankruptcy and others closing hundreds of stores, the remaining retailers have had to re-think who they'd like to have as neighbors, says [Keith Peterson, general manager of ElementOne analytics program with TARGUSinfo, a Vienna, Va.-based site selection firm]."
Read the full story: Forced to Count Every Dollar, Retailers Re-evaluate Site Selection Practices
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