Go up
Retail Market Power: Manhattan’s Jewelry and Car Sales
Posted on Jul 26, 2016 by 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!
More from SimplyAnalytics
Posted on Oct 26, 2018 by Admin
Welcome readers! This week we’ll take a look at how to browse for data by category in SimplyAnalytics. Browsing by Category is the default way of browsing for data in SimplyAnalytics. It ...
Posted on Jul 26, 2016 by 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 curr...
Posted on Feb 27, 2015 by Admin
SimplyMap is an excellent tool for market research, and it’s made even more powerful by Nielsen PRIZM data. Nielsen PRIZM is the highest quality market segment data available. Every house...
Posted on Mar 03, 2016 by Admin
In this week’s SimplyMap report we take a look into the SimmonsLOCAL dataset to determine which cities in America have the highest percentage of residents who consume organic food product...
Posted on Dec 03, 2012 by Admin
Come visit the Geographic Research booth at the Ontario Library Association Super Conference this season. The conference will take place on January 30 - February 2, 2013 at the Metro Toro...
Posted on May 17, 2016 by Admin
This week’s SimplyMap report is a quick reader challenge. Can you guess what the map of the United States below is depicting? Keep in mind the legend colors - lighter is less, and darker ...
Posted on Sep 14, 2021 by Admin
Welcome readers! Today we are excited to welcome histograms to SimplyAnalytics. We hope you enjoy this wonderful new visualization as much as we do. Let’s take a look. What is a histogram...
Posted on Oct 12, 2010 by Admin
NC LIVE, a member-driven library service organization dedicated to providing online information services that support education, enhance statewide economic development, and increase qu...
Posted on Mar 09, 2010 by Admin
The GRI team will be exhibiting at the 2010 Public Library Association conference later this month at the Oregon Convention Center in Portland, OR. The PLA National Conference is the prem...
Posted on Nov 06, 2013 by Admin
SimplyMap includes a number of helpful support tools; guided wizards available when and where you need them, detailed help files, and an online support center with FAQs and searchable kno...