Method for evaluating retail locations

• US 20030028417A1
• Filed: 05/02/2002
• Published: 02/06/2003
• Est. Priority Date: 05/02/2001
• Status: Abandoned Application

• Current Assignee: Edward J. Fox
• Original Assignee: Edward J. Fox
• Inventors: Fox, Edward J.
• Application Number:
  US10/137,524
• Publication Number:
  US 20030028417A1
• Time in Patent Office: Days
• US Class Current: 705/10
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/06375 Prediction of business process outcome or impact based on a proposed change
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0205 Location or geographical consideration

Abstract

The present invention comprises a novel business method for evaluating prospective commercial retail sites. The present invention assists in the evaluation and assessment of prospective sites by forecasting revenues and assessing impact on existing retail establishments. The present invention is also adaptable to forecasting the effects of closing a remotely located retail store based upon on the revenues of another existing store. The present invention overcomes many of the disadvantages of prior art more accurately correlating syndicated panel data to larger population groups.

Claims

1. A method of estimating the revenue and market share of a prospective store based upon a proposed location comprising the steps of:

(a) identifying the proposed location;

(b) assigning a size to the prospective store;

(c) accessing a first set of data;

(d) creating a second set of data by modifying the first set of data based on the location and size of the prospective store;

(e) establishing a retail area surrounding the proposed location;

(f) modeling a buyer population within the retail area based on the second set of data; and

(g) estimating the revenue and market share of the proposed store based on the modeled buyer population.

2. A method of estimating the revenue and market share of a first store based upon a the closing of a second store comprising the steps of:

(a) identifying the first and second stores;

(b) accessing a first set of data;

(c) creating a second set of data by modifying the first set of data based on the closing of the second store;

(d) establishing a retail area surrounding the first store;

(e) modeling a buyer population within the retail area based on the second set of data; and

(f) estimating the revenue and market share of the first store based on the modeled buyer population.

3. A method of estimating the revenue and market share of a first store based upon a the opening of a second store comprising the steps of:

(a) identifying the first and second stores;

(b) accessing a first set of data;

(c) creating a second set of data by modifying the first set of data based on the opening of the second store;

(d) establishing a retail area surrounding the first and second stores;

(e) modeling a buyer population within the retail area based on the second set of data; and

(f) estimating the revenue and market share of the first store based on the modeled buyer population.