Only literature after was considered. Gray literature included newsletters, published non—peer reviewed articles, policy briefs or reports, published trial materials, and conference presentations. Using fixed search terms, we first conducted a PubMed search of peer-reviewed literature to identify small-store intervention trials designed to improve access to healthy foods.
These preferences relate directly to consumer demographic characteristics, such as household type, income, age, and ethnicity. For this reason, it is not only the amount of demand that truly matters to a local economy.
The mix of consumers also has a major impact on a local economy, and therefore must be thoroughly examined in all trade area analyses. Unfortunately, far too much information often is included in these studies. An enormous amount of data is readily available from a variety of private and public sources, leaving the reader with tables and tables of demographic information overload.
Relevant Data Categories Interpretation of demographic data is often missing in market analysis. What does the data say about how the market is changing and how consumers spend their time and money?
Specifically, what does the data suggest about new business or real estate opportunities downtown? The following provides a starting point in your understanding and interpretation of demographic data in relative to retail spending.
Population is defined as all persons living in a geographic area. Households consist of one or more persons who live together in the same housing unit—regardless of their relationship to each other this includes all occupied housing units Households can be categorized by size, composition, or their stage in the family life cycle.
Typically, demand is generated by the individual or the household as a group. Individual purchases, on the other hand, are personal to the consumer. Anticipated household or population growth may indicate future opportunities for a retailer.
However, further analysis is necessary to identify retail preferences within a community. Household income positively correlates with retail expenditures in many product categories.
Another common practice is to analyze the distribution of household incomes. Discount stores may avoid extremely high or low-income areas. A few store categories, such as auto parts, are more commonly found in areas with lower household incomes.
See the following box for more details on household income. You need to consider all categories of demographic data when analyzing a market. Gearing a retail mix toward this segment may require a focus in luxury goods and services. High-end department and technology stores, as well as cultural amenities like museums and concert halls, are frequented by the most affluent households within a population.
These households tend to be more frugal and selective in their buying behavior, shopping at discount outlets for groceries and other goods rather than high-end stores.
Big box stores are particularly popular for middle and low-income households. Families at this income level are living in poverty and thus spend very little on goods and services across the board.
Age is an important factor to consider because personal expenditures change as individuals grow older. Realizing and catering to the needs of an aging population can be beneficial to any retailer.
Consumer spending on drug stores and assisted care services flourish in areas with a large elderly population. Accordingly, drug stores often do well in communities with a larger number of people over the age of In general, though, older populations tend to spend less on the majority of goods and services.
Studies indicate that nightlife and entertainment spending restaurants, bars, and theaters by people over 65 is roughly half that spent by those under Older adults also spend considerably less on apparel than other age groups.
On the other end of the spectrum, toy stores, day care centers, and stores with baby care items do well in areas with many children and infants.Following are two examples of using GIS to assist in demographic analysis.
Using GIS to Visualize Trade Area Demographics Demographic data for a trade area are often reported as single values for each demographic category. Grocery store owners and managers asserted that ending tobacco sales enhanced the stores' "healthy" image and was a natural fit with the healthy products they sold.
One owner explained that the policy "made a statement to our customers that [we] were very concerned about health" (Owner, grocery 3). A firm whose primary business is in a line of regional grocery store would be most likely to have to include which of the following facts, if true, in the firm's management discussion and analysis (MD&A).
tions to help grocery store employers and employees reduce the number and severity of The discussion is intended primarily for grocery store managers and store employees, but may also be useful for Guidelines for Retail Grocery Stores 5 Grocery stores provide a vital service to the.
A grocery store’s trade area can often be used to represent a community’s convenience trade area. Tourists and second- home owners can offer a large amount of spending potential.
While they are not permanent residents, tourists obviously shop while visiting the area. (GIS) software for trade area analysis offers a number of. BUSINESS BUILDER 6 HOW TO ANALYZE YOUR BUSINESS USING FINANCIAL RATIOS firms, bank loan officers and knowledgeable business owners all use financial ratio analysis to is the relationship between two numbers.
As your math teacher might have put it, it is “the relative size of two quantities, expressed as the quotient of one.