A proper market research is the corner stone of a project’s success.
It gives a picture of the business environment that a venue will have to operate in and as such, when done correctly and with proficiency, becomes the basis for every decision and strategy choice regarding the development of a project. As a natural continuation of the site-selection process, it involves various tools and methods to determine a site’s competition, community characteristics and behaviour, geographic and socioeconomic-lifestyles. Here’s a list of activities and data collected when performing a market research:
– Identification of areas heavy on retail & restaurants
– Profiling of consumer activity in the venue’s vicinity and socioeconomic demographics
– Potential customers projections.
– Competition research
After gathering and compiling the data needed for a thorough market research we give estimates of the future environment that the project will face and the advisable direction in which to develop it: