Madrid Center, Spain
Kids' Apparel and Accessories
Goal: finding the best sites to open a new store for Kids' Apparel and Accessories in Madrid (central area).
We defined the business parameters for this analysis like:
For the Demand we defined the customer segment as young families (couple of male and female 25-40 years old) with children from 2 to 10 years old. We further added parameters about thier lifestyle and behaviours.
We added data about Competitors, Services available like parking and public transportation.
It took about 15 minutes.
The following shows the output of the analysis done by our engine:
Two main areas of Madrid city center were selected as the best areas to open a Kid's store according to the business paramaters we entered.
Going deeper into details and zooming in a part of Area 1, this is what is displayed:
Next step was to personally visit the discovered sites and check the heatmap areas in the real world.
The picture below shows the lower part of the heatmap, entering "Calle de Fuencarral" from south to reach the yellow area.
At a first glance we found that this street is characterized by a wide sidewalk, allowing to safetly and quietly walk, stay and shop. It is also easily accessibile by public trasportation, being between two metro stops. It includes an above the average concentration of shops with many kinds of goods for Kids (toys,etc) and two kinder gardens.
Good to know, we have never been in Madrid but the area seems to be promising!
To better analyse the given results, we chose 6 different checkpoints on Area 1 where to measure people flows and understand the actual match of heatmap areas with target customers.
We recorded people flows by Gender and Age during 2 days, on Saturday and Sunday for all the checkpoints from P1 to P6 at different daytimes. We further marked a special field for 'On Target' to record the number of families with kids.
The following image shows the age and sex distribution of people flows in P1.
We've found that P1, compared with all other points, registered the highest percentage of our target: young families (with children) were 25,9% of total population compared to an average of 16,9% for point P2 and P3 and an average of 11,6 % for points P4, P5 and P6.
So the distribution rate of the target over total people flows was more than double of other 'general areas', those out of the areas of the heatmap.
Conclusions: the data visualization on a map gave us a simple but precise vision of the areas with greater potential for opening an apparel and accessories store for children.
The field test allowed us to validate the accuracy of the result obtained:
- Hot areas actually had an important component of families with children than other areas not highlighted by the heatmap;
- Moving even a few meters on a side street this concentration was significantly lower, as correctly predicted by the heatmap.
We can conclude that OpenBusiness turned out to be a powerful yet simple tool to find the best locations to establish a new business.
If you are interested in getting more information on this analysis or to try a free demo, just contact us
