Here's a breakdown of the methodology behind AlphaMap's Demographic Scoring within TenantFinder, and how to best utilize this information for accurate results.
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Overview
Demographics are nearly ubiquitous in their use as site-selection criteria, and reasonably so given their intuitive relationship with consumer behavior. Unfortunately, though, demographics can be an imprecise science. For each demographic attribute, a brand's portfolio can vary greatly from one location to another, making it difficult to determine the appropriate range for any given attribute, let alone the ideal combination across multiple attributes. This is further complicated by the fact that many apparent demographic patterns for brands aren't consciously chosen by those brands; they can be an indirect result of other factors.
Demographic Scoring:
Definition: Demographic Scoring evaluates the suitability of potential tenants for a CRE property based on demographic factors such as age, income, education, lifestyle, and household composition.
Methodology:
Demographic Profiling: TenantFinder utilizes comprehensive demographic data sources to profile the target market of the CRE property and potential tenants.
Segmentation Analysis: Demographic segments are identified and analyzed to determine the alignment between the target market profile and the characteristics of potential tenants.
Scoring Model: A scoring model is employed to assess the demographic fit between the CRE property and potential tenants, considering factors such as demographic similarity, market demand, and growth potential.
Benefits:
Empowers CRE professionals to make data-driven decisions by matching potential tenants with the demographic profile of the property's target market, enhancing tenant selection and leasing strategies.
Facilitates the creation of a tenant mix that resonates with the preferences and needs of the local community, driving higher tenant satisfaction and long-term tenant retention.
Overall, the Demographic Scoring is one piece of the puzzle to help determine the best tenants for a given space. When combining this with Brand Synergy Scoring to create the overall Match Score, users can optimize tenant selection, maximize property value, and cultivate a vibrant and sustainable leasing environment.