In this week’s SimplyMap report, we’ll take a look at the Retail Market Power dataset and provide a simple, effective example of how the data package can be used. If your institution currently does not subscribe to Retail Market Power, please have a representative reach out to set up a free trial.
What is Retail Market Power?
The Nielsen Retail Market Power database provides an actionable portrait of sales opportunity for market analysis, so marketers can maximize growth strategies by identifying and closing the sales gaps that exist in the marketplace. By using sales potential to depict supply, and geography-based estimates of potential annual consumer expenditures to depict demand, Retail Market Power enables an opportunity gap analysis of the retail environment.
Example – NYC’s Jewelry and Vehicle Sales
By analyzing a geography’s retail sales and expenditures within an industry, you can determine whether or not a gap or opportunity exists. Let’s look at some data.
In a Standard Report, add the following four variables for analysis. They can be found at this path if your institution subscribes to the package: Retail Market Power » Expenditures » Jewelry:
Retail Sales for Jewelry (HH Avg), 2016
Retail Sales for Jewelry ($), 2016
Expenditures for Jewelry (HH Avg), 2016
Expenditures for Jewelry ($), 2016
Open the Locations panel and add in New York County which is coterminous with Manhattan. Close out the panel to generate your report. Results below: