Retail Market Power: Manhattan’s Jewelry and Car Sales
Posted on by GRI Admin
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:
What does this mean?
In effect, the data is showing that people are coming from outside of Manhattan to purchase their jewelry. How do we know this? The retail sales for jewelry in Manhattan ($533,246,164) far exceeds what Manhattan residents are spending themselves on jewelry ($237,003,083). It’s fair to assume Manhattan’s renowned diamond district is driving the high sales.
Now let’s take a look at the reverse. In separate Standard Report, add the following variables:
Retail Sales for Cars, Trucks, and Other Powered Transportation (HH Avg), 2016
Retail Sales for Cars, Trucks, and Other Powered Transportation ($), 2016
Expenditures for Cars, Trucks, and Other Powered Transportation (HH Avg), 2016
Expenditures for Cars, Trucks, and Other Powered Transportation ($), 2016
Select Recent from the Locations panel to quickly add in New York County once again and close out the panel to generate your report.
The data here reveals that Manhattan residents are purchasing their cars, trucks and other vehicles from outside of Manhattan – this seems logical as there is limited real estate within Manhattan to support many large car dealerships.
We hope you found this quick write up useful – is there any other industries or locations you’d like to see? Let us know in the comments, and stay tuned for more!