You’re ready to relocate or build new, but where should you go?
Redmond’s multi-step process breaks down your target area into three steps:
- We’ll evaluate your Market area as a whole. This is the City/Town you currently exist in, or you’re considering getting into.
- Once your target market has been identified, we’ll dive further into it to focus on key Locations – typically areas with a 3-6 block radius.
- Now that the best location has been selected, we will search for the perfect Site for your organization.
Within these three steps, we will research, compile data, and perform detailed analyses to draw conclusions to move to the next “level”, ultimately leading you to the best site options for your organization.
We may utilize these tools during a Market or Location Analysis:
- Demographic Analysis Breakdown
- Population/household growth trends and future projects
- Age and income profiles
- Tapestry socioeconomic segmentation: classification of U.S. neighborhoods based on the socioeconomic and demographic compositions (i.e. – Boomburbs, Urban Chic, Metro Renters, Social Security Set, Golden Years, etc.)
- Home rental/ownership percentages + vacancy levels
- Net worth comparisons
- Economic stability (residential and commercial growth)
- City evaluation: Change of traffic flow or counts due to street widening or expansion. Where will the new commercial/residential developments occur?
- Competitive environment
- Number of Competitors/Overbanked
- Growth of Financial Market
- Where do your clients reside?
- Where are the largest employers?
- What are the areas of high client concentration and the penetration rates within the market or location?
- How far are clients traveling for your product/service?
- Who are your competitors? Where are they located? How are they performing? How do you compete against them? What is the demand for your products/services?
- What’s the market share? What is the market capacity for new competitor entrants?
- Thematic Mapping
- Drive times
- Retail Synergy: What is the strength of the retail environment? How many retailers are there? Where are the major shopping centers? Where are the food & drink businesses?
- Traffic counts, accessibility, traffic flow on main arteries
- Future land use: Where will residential and commercial developments occur?
- Household incomes
- Population densities and client distribution
- Competitive influences: Where are they located? What is their performance at that location?
- Comparison Analytics
The results of all the analyses are compiled into a matrix to help compare the selected markets or locations against one another, apples-to-apples.The Comparison Analysis allows Redmond to measure the overall value of each market or location, and will help guide us to a market or location recommendation that is best suited to meet your organization’s requirements.Each market or location that has been analyzed will be evaluated using a baseline comparison and will be ranked with a ‘strength of market’ rating. Your organization will have influence in determining the weighted value of the top variables used in the matrix so the analysis is tailored to your most important market drivers.
We may review these elements during a Site Selection & Analysis:
- Physical Characteristics
- Site size, shape, contour
- Retail synergy of the area and site
- Community exposure and visibility
- Review and determination of all improvements that would potentially be required on the site
- Redmond-designed site plan mock-ups
- Traffic Flow
- Traffic counts, traffic patterns
- Site lines, visual triangle review
- Ingress/egress – how easy it is to access the site?
- Speed limits
- Future improvements – road widening and/or commercial or retail developments that may change the site’s current environment
- Who are your competitors and where are they located?
- Financial Aspects
- Cost review and comparison
- Overview of development costs
- Zoning Review and Investigation
- Planning and zoning requirements and timelines
- Code review and research
- Site Research
- In-person assessment of positive and negative attributes of potential sites, including sites that are not currently listed for sale
- Neighborhood characteristics