Optimal Location Data Is Crucial for Retailers Expanding Store Presence

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Retailer Untuckit recently made a strategic decision about a new store location on Long Island, NY, leveraging valuable insights from cellphone data. Initially hesitant due to proximity to an existing store, Untuckit's executives reconsidered after analyzing the data, which revealed distinct customer bases for each location. This informed their decision-making process, leading to the signing of a lease at Walt Whitman Shops. Untuckit is one of many retailers utilizing advanced location analytics, such as Placer.ai's technology, to inform expansion plans. This data provides detailed insights into customer behavior, helping retailers make informed decisions about store placement and potential success. The increasing sophistication of data analytics is driving the expansion of retail stores nationwide, with retailers leveraging data not only from cellphones but also from their own sales and loyalty programs. This comprehensive approach enables retailers to forecast performance accurately and mitigate risks associated with opening new stores. As technology continues to evolve, with the integration of machine learning and artificial intelligence, the store-opening process is poised to become even more efficient and data-driven, marking just the beginning of future advancements in retail analytics.

Original article posted on March 19, 2024

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