Vol. XXIV, No. 7, November 2024
Preliminary market feasibility
Community location-based entertainment and FEC developers often want to obtain a preliminary market evaluation of a site to determine if it will support their project before spending money for a full market and financial feasibility study or contracting for the property. We offer an inexpensive preliminary market and site evaluation service in the U.S. and Canada to meet that need.
We evaluate the site using aerials. We identify and map competition. Then, using computer modeling, we develop a preliminary set of demographic and socioeconomic-lifestyle (SEL) data to approximate the market areas for the proposed project type and location based on drivetimes, competition, and physical and psychological barriers. Based on over three decades of market feasibility analysis experience, we can usually determine whether the site appears acceptable and whether the market seems sufficient with the needed demographics and SELs to warrant moving forward to the following stages of feasibility and development.
We will email you a summary of key demographics, market area maps, the market's socioeconomic lifestyle composition, and a competition map. Randy White, our CEO, will spend up to one hour on the phone discussing our findings, recommendations, and your proposed project.
We have had many occasions when the preliminary market and site evaluation indicated the market was too small to support the project or the site was unacceptable, although the market appeared sufficient in size, so we advised the client not to consider a project in either that particular market location or at that site. We sometimes find there is potential market demand, but for a project that is a different concept and mix than what our client initially proposed.
To learn more, click here.
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