Brighton and Westminster: A socio-demographic analysis
Writen by Ángela ·
Are the businesses successful in their new expansion? The response is both positive and negative, with positives acknowledging the lucid market study and negatives finger-pointing the erroneous location decisions. Thereby, this blog is penned to highlight the strength of Location Intelligence to executives to gather demographic information of the best cities in the United Kingdom.
Why the ignorance of location insights into business decisions can be critical?
The work seems half done learning the names of the most profitable cities with seemingly sufficient demographic information. But the extremity of the location decision is a long way off. It is vital for business owners to prudently traverse this road to reach the destination of profitability and success. That said, what is the next set of questions in the pipeline for the executives to recognise and solve? For example, a handful of our clients, who are running restaurant businesses, dealt with Geoblink’s application and benefited from the options offered. Few questions put forward by our clients:
- What is the floating population?
- Is there heavy pedestrian traffic in an area?
- Who are my competitors in a specific area?
Geoblink is equipped with capabilities to give spot on responses to the above questions and plentiful of other location related information.
The picture above depicts the demographic information of an area in Brighton, that in our software is created within a 5-minute walking distance from the center, a city on the south coast of England. What insight can this report provide to an Expansion Director?
Firstly, housing 1.560 inhabitants with an annual disposable income of 33,400 GBP, Brighton’s purchasing power and spending capability are evidently healthy. It can be retrieved from further analysis in the software the average age of inhabitants to be 35 years and 27.8% of the population to be tourists. This paves way for organisations to confidently climb the first step in their expansion strategy. The average age of 35 years in Brighton could help Business Executives optimise their product bespoke to the specific age group. Also, by bagging information on touristy presence in a catchment area, business owners can efficaciously project their marketing strategy and augment sales during the high touristy season of the year.
The data in the software also charts the working population at 6.480 people. Accumulating all the above data, an Expansion Director is well-equipped with plentiful demographic analytics to march successfully in the business strategy.
If you would like to know the location analytics behind the Oxford Street, read our post below:
“Oxford Street, London: A 360-degree retail analysis”
Secondly, the graph displayed on the second row to the right, gives a stat on the pedestrian traffic along the stretch. The heavy traffic illuminates green signal to the franchisors because high pedestrian traffic aligns in line with higher chances of customers visits and sales.
To add on, according to the data extracted from Geoblink, the City of Westminster can be yet another hot spot.
“Westminster, London, UK, with 1.240 inhabitants and disposable income of 46.400 GBP has a total of 695 households with high walking traffic along the stretch and 185 commercial markets”. The above information could serve as a testimony to decision makers looking to start a restaurant that serves exotic food, citing high disposable income of the population. The location also has abundant space for fast food chains to throw the net and catch a treat. Thanks to high pedestrian traffic in the neighborhood.
If you are interested to take a look at more demographic data of Brighton and Westminster:
The take-away note from Geoblink:
- The geospatial information encourages retailers, franchisors and owners alike, planning an expansion to a novice location, not to cease the decision-making process by gaining a top view of a location but to get down and collect minute hidden information that will add tremendous power to their business plan. It is important for franchisors to pierce into the pedestrian traffic tunnel. By familiarising the pedestrian traffic statistics, which otherwise is undealt, the owners will not only gain a clear picture to spot a location but will also gain the confidence to draft a business strategy without hindrances.
- Living in a world where demographics are constantly fluctuating, business owners are required to update themselves with socio-demographics data at every dawn for a profitable business future.
Would you like to see how Geoblink helped other businesses expand their network of stores?Read how Sqrups! moved from 50 to 100 in less than 12 months exploiting our Location Intelligence software.