Roswell Inc. partnered with real state consultant NextSite to gather data on retail and business trends in Roswell.
NextSite and Roswell Inc. presented their data findings at the work session Sept. 23. Through mobile tracking, NextSite is able to gather data on where, when and how often north Fulton and Roswell consumers travel to various commercial businesses. The consultant company is able to map the most traveled to places in Roswell.
“NextSite licenses third party, anonymized mobile device data to support our consumer travel pattern and customer journey analytics,” Managing Partner of NextSite Chuck Branch said. “In addition to identifying custom trade areas for demographic analysis, the data also provides insight to specific locations consumers visit in and out of market.”
Roswell Inc. wants to create a baseline of information for the city about where people shop and identify and support areas with opportunities for growth.
In 2018, chain store closings peaked at 612 chains, and in 2019, that number dropped to 206. Additionally, for every chain with a net closing of stores, 5.2 chains are opening stores overall.
Data collected on the historic district shows that in a rolling 12 months, there were an estimated 1.3 million visits. An average stay in the historic district is around 117 minutes. Peak hours are between 6 p.m. and 9 p.m. According to NextSite, 80% of historic district visitors live within 30 miles.
Parkway Village sees an estimated 533,900 visits, with an average stay of 41 minutes.
“Through that customer journey, you would be able to identify how far people are coming and that’s going to impact your marketing, specifically through social media,” Branch said. “It’s also an opportunity to identify add products and service offerings.”
The number of empty businesses in Roswell has also been on the decline. So far this year, vacancy rates are down to 6.5%, meaning businesses are being successful.
By using this data, Roswell business are able to understand their customers better.
“Our partnership with NextSite for this ongoing retail study benefits local businesses in two main ways,” Roswell Inc. executive director Steve Stroud said. “First, it helps them understand the shopping patterns and behaviors of consumers in our area, which is important for every business to know, so they can adapt their business practices to meet the needs of the market. Second, it helps our organization in attracting and recruiting the right businesses to our city, which strengthens our overall business environment.”
Businesses can access the presentation from NextSite and Roswell Inc. at https://roswellinc.org. Businesses wanting more specific data should reach out to Roswell Inc. directly.