September 16, 2022
The objective of a market assessment study is to determine potential market gaps for the project by assessing the demand and supply dynamics of the geographical trade area in which the shopping centre exists or is being developed. Regardless of the type of project being examined, the goal of every market study is to address four basic elements:
- Are there enough customers to support the centre, who are these customers and what are they buying?
- Are the current retailers in the centre happy with their sales performance and are other brands seeking to be in the centre?
- What are its key points of differentiation the project features to maintain its competitive position?
A successful market study will drive marketing and leasing efforts to ensure the project is well received by retailers and their customers alike.
McARTHUR Retail Development Specialists recommends a formal market assessment study well in advance of building a centre of any size and an update study at least once every 3 years for existing retail destinations.
