“With so many factors directly impacting every tenant category, our approach to site selection must evolve to discern facts versus hype using data, technology and local market knowledge,” Mislaveg says. “Now more than ever, data—not hype—is the bedrock for identifying the right retail site. What's trending today, may not be trendy tomorrow. Yet, the right data will not only provide a preview of tomorrow but also reveal what and who shapes a market or neighborhood today.”

Mislaveg says demographics are mainstay in the site evaluation process. However, he says, it is no longer enough. Professional and social dynamics such as shifting household formation patterns, work-anywhere/work-anytime models, and multi-layered distinctions that go beyond generational groupings are affecting mindset and outlook.

“The good news is that shopping habits stem from a distinct mindset that can be directly correlated to other profile data points,” Mislaveg says. For example, he says, while affluent shoppers make more purchases online, discount shoppers tend to make more brick-and-mortar purchases.

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“However, according to Chicago Tribune, off-price retailers attract both affluent and discount shoppers that enjoy the 'treasure hunt' experience,” Mislaveg says. “Further, according to The NPD Group[1], two-thirds of all shoppers spend at off-price retailers. Overlapping profiles emphasize the importance of layering data points and maps to optimize analysis.”