Faced with constant competition, forward-thinking retailers are increasingly turning to big data to inform their business decisions. Tuesday, INRIX, the world leader in connected car services and transportation analytics, introduced a new dataset in its INRIX Site Selection suite for candidate locations. INRIX Volume Profile 2018 provides typical traffic counts by day of week, time of day and direction of travel to more accurately and efficiently choose new store locations.
National companies including Famous Dave’s BBQ, Five Guys, Jiffy Lube, Pita Pit, Planet Fitness, Subway and Wing Stop Sports are currently using INRIX Volume Profile, a big data-fueled dataset that uses real-time, historical and predictive traffic information and travel pattern analysis to enable the selection of retail locations with promising return-on-investment. As the only dataset with day-parted, direction of travel traffic counts, INRIX helps determine the potential profitability of millions of retail locations.
“In order to evaluate a traffic corridor and to make determination on which corner we should locate – it is imperative to look at the decision point from multiple angles,” says Jeff Rubino, vice president of Five Guys Real Estate. “INRIX Volume Profile is one of the more important datasets we have found to determine the inflow and outflow of traffic as it relates to who our customer is, and which corner makes the best decision for Five Guys.”
Eight of the largest site selection companies in the industry currently use INRIX traffic services, including Buxton, eSite Analytics, IdealSpot, LocateAI, Megalytics, Property Capsule, SiteZeus and Tango Analytics. INRIX not only provides insight on how many potential customers drive by a candidate location, but also identifies who they are, when they visit and where their trips originate and end. The INRIX Site Selection product suite eliminates the need to physically visit locations and conduct expensive studies.
“We are excited to partner with INRIX to bring the most extensive and sophisticated vehicle count solutions to our retail and CRE clients that demand sophisticated, custom and accurate traffic insights,” adds Thomas Byrne, chief executive officer of Property Capsule.
Key features of the INRIX Site Selection product suite include:
Kevin Foreman, general manager and vice president – enterprise, INRIX, said: “Never underestimate the importance of visibility and accessibility a site offers. Whether it is ensuring that a drive-through location is based on right-hand turns or determining the neighborhoods to consider based on target audiences, INRIX Site Selection and Volume Profiles has transformed the process of scouting and securing new locations from a demanding, time-consuming project to a more intelligent, data-driven development.”
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