When it’s time to expand into a new market, knowledge of traffic volumes and customer buying power is essential. But what if you could go beyond the obvious, and collect population growth data to predict the prospective potential of new stores in the area?
According to a recent Deloitte study, population growth has been the leading driver of retail growth.
Leading industry operators already open new stores in densely populated areas to meet consumer demand and ensure the best growth potential. For instance, QuikTrip plans to open its next stores in the Denver metro area as it has a considerable, booming population. Every c-store operator may wish to rationalize the network expansion by identifying high-potential areas and planning to develop future stores in the best and most densely-populated locations.
According to the U.S. Census Bureau, most of the fastest-growing cities are in the West. The graph below reflects a significant increase in population numbers in the period from 2020 to 2021 in the top 15 cities, led by Georgetown, Texas (10.5%); Leander, Texas (10.1%); Queen Creek, Arizona (8.9%); and Buckeye, Arizona (8.6%).
Rising population growth rates can positively affect your sales and profits. Anticipating demographic statistics, traffic volumes, drivers’ behavior, and income patterns of your potential customers are all part of the successful site selection in a new area. And, sometimes it is not very easy to dig and verify all this data. Moreover, population growth, as well as other parameters, may significantly vary even between different small locations in one town, so each location of interest requires special attention.
Teaming up with professionals to acquire reliable data-driven insights about locations of interest is an assured path to success. At Ticon, we understand how important the selection of optimal sites in the new markets is for your business. This is why we provide reliable, relevant, and focused data on any location of your interest to improve your decision-making process and reduce the risks of making costly mistakes in business expansion. With more accurate data, you have higher chances to choose a perfect site, acquire your customers, and ensure long-term economic growth.