STOREFRONT LAUNCHES RETAILGRADE™, A QUANTIFIED WAY TO EVALUATE ANY RETAIL STORE LOCATION
San Francisco, CA – Storefront, the largest online marketplace for short-term retail space rentals today announces the launch of RetailGrade™, the first ever way to evaluate the attractiveness of any retail store location in the U.S. and Canada. RetailGrade™ is a complementary tool to the company’s standard suite of services which streamline and simplify the search and rental process for pop-up retail spaces. Any address in the United States, including over 1.1 million retail locations, will receive a score from 0-100 based on the estimated retail attractiveness.
A location’s RetailGrade™ is based on a patent-pending algorithm used to calculate the attractiveness and feasibility of opening a retail store at that address. The ranking helps empower businesses to find places that offer the best opportunity for growth and new customers based on nearby attractions including stores, restaurants, cafes, and entertainment options. RetailGrade™ provides a quick and simple solution to identify whether an address is in or nearby a retail hotspot without having to look at a map or know anything about that specific address beforehand.
“Finding the right retail space is difficult - whether you’re an emerging chef, ecommerce brand, or Fortune 500 business. The search process is outdated and laborious and data is opaque,” noted Erik Eliason, Storefront cofounder and CEO. "Many of our customers expect data when making decisions about offline spend, be it a pop-up shop or experiential marketing campaign - similar to the data available when they make decisions about online spend. RetailGrade™ is the first step in quantifying offline spend and finding the most attractive retail space."
As of today, every listing on Storefront’s platform now includes a RetailGrade™ which helps potential renters better understand the value and attractiveness of the address. Additionally, any address in the United States can be evaluated at thestorefront.com/retailgrade. RetailGrade™ works by determining the closest retail locations to a specified set of coordinates, filters for locations that may indicate higher purchase intent, and then scores each space based on proximity to the provided coordinates. Retail locations with favorable ratings and within close proximity will have higher scores, eventually falling to 0 if they are too far away. Each of these scores is then combined in aggregate and normalized to determine the RetailGrade™.
Locations are assigned a score from 0-100, with the score of 90-100 being deemed a Superb Retail location:
90-100, Superb Retail: This location is surrounded by retail. Great opportunity with significant foot traffic. Malls, shopping districts and hubs of boutiques will often fall in this range.
80 - 89, Popular Shopping: Within close proximity of other retail stores. Good opportunity for foot traffic.
70- 79, Nearby Hotspot: Bordering retail areas. Reasonable foot traffic likely, but not as highly concentrated.
60 - 69, Walkable Distance: Getting to other retail locations may require a longer walk or a commute. Spontaneous foot traffic not as likely.
50 - 59, Outskirts: Sparsely populated retail. Foot traffic with retail intent unlikely, but may still be in a populated residential area.
0 - 49, Little Retail: Very little to no traditional retail within the proximity. Can be indicative of undeveloped regions, suburbs, or industrial areas.
“We want to leverage data to improve the process of searching for retail space,” said Keith Horwood, Storefront Lead Engineer. “We have access to vast quantities of data that, until now, have gone untapped. By taking advantage of this, we’re to not only able improve our own products and services, but we’ll be providing a tool and resource that can be used by any business owner or consumer to research retail locations.”
Storefront is the world’s largest marketplace to find and rent retail space. The company streamlines search and rental process for renting short term retail space. Everyday Storefront connects artists and brands with a variety of retail spaces, including trendy showrooms, neighborhood boutiques, booths at street fairs and art galleries. Storefront has facilitated more than 2,000 store openings in the past two years including brands such as Google, Nike, Target, Square, Hallmark, Red Bull, Etsy, Indochino, and Ministry of Supply. The company has over 10 million square feet of prime retail space in New York, Los Angeles, San Francisco, and Chicago. Find your perfect retail space at thestorefront.com.