Just came across an article on Retail Traffic’s online magazine, called “How the Downturn Alters the Retail Site Selection Process.”
This struck me as interesting because of all the history and personal experience I’ve had in commercial real estate markets, from Richmond, Williamsburg and North Carolina to markets in California. The author talks about ‘psychographics’ in addition to demographics and the importance of spending time physically on a proposed site. I can tell you that some of the site selection I’ve done in years past meant spending nearly 24 hours in a car watching the types of cars and people in them go by an intersection and making notes of who, what, time of day and weather conditions.
We are simply back to the very basics of what this business has always been. LOCAL understanding. Real estate is and always be a LOCAL business.