Whether consulting on investment opportunities, working with an economic development authority on a redevelopment project, or helping fill a vacant space for a building owner, RPR Commercial assists you in determining what businesses would be appropriate for a given location by looking at consumer spending data and seeing what business types are being underserved in the area.
With RPR Commercial, a benefit available only to REALTORS® as part of their core dues, REALTORS® can run a commercial analysis called “What’s the Best Retail Business for a Location?” By entering a geographic area, a “Business Opportunities Chart” generates in seconds. This chart indicates which business types are over/underrepresented in an area of interest, differentiating new business opportunities from saturated business categories in a market.
Using consumer spending data as a foundation, this marketplace data compares retail sales to demand. The retail demand information is derived from household level consumer spending data, while the retail sales information is from business point of sale transactions. The analysis calculates the number of residents who are leaving their home neighborhood to ﬁnd a retail business type elsewhere. RPR Commercial ranks the results so it’s easy to see what businesses would likely be most successful in vacant locations or for the development of new locations.
In addition, RPR Commercial Trade Area Reports include demographics and psychographics. REALTORS® have access to stats on the population, age, income, education, economy and home values to see many area facts in one convenient place. The dominant demographic segment (a composite description of the type of resident most common in the trade area), or tapestry segment, provides details about the residents’ lifestyles: what they spend money on, what type of residence they live in, what type of job they hold and what they like to do for fun.
The RPR Commercial Trade Area Report along with the Business Opportunities Chart gives REALTORS® a tool to educate clients in the specifics about consumers and the potential business types for an area.
To learn more about RPR Commercial and to register for a LIVE webinar visit: blog.narrpr.com/commercial