RadioShack Picks geoVue for geodemographic Market Planning / Sales Forecasting
Boston-based LOCATION INTELLIGENCE provider reveals evolutionary predictive modeling system for chain-based retailing, restaurant, service companies
BOSTON and CHICAGO, June 24, 2002 geoVue, the Boston-based provider of innovative LOCATION INTELLIGENCE solutions, today at Retail Systems 2002 formally launched marketVue, a market planning and sales forecasting system that further expands the company´s suite of decision-making products for location-focused analysis. This announcement follows on the heels of geoVue´s launch of interVue (another customer-driven product developed in conjunction with Dunkin´ Donuts, owned by Allied Domecq QSR), a customer intercept / analysis solution. Early marketVue users include RadioShack, The Limited, Little Caesar´s, and Sterling Jewelers (parent company of Kay Jewelers and Jared), with several other growing retailers in preliminary stages.
Andy Zeinfeld, vice president of RadioShack´s real estate division, said, geoVue is squarely addressing a critical market need for technologies that enable better strategic decision-making for retailers. RadioShack has been very pleased with the impact geoVue´s iSITE has delivered in our site selection process. With marketVue, utilizing geoVue´s decade of retail consulting experience, we can leverage internal intellectual capital & automate the vast majority of the low-level number crunching & guesswork in sales forecasting. We expect marketVue to substantially improve our network development.
Zeinfeld added, geoVue´s flexibility and responsiveness are well-known in their industry they´re a pleasure to work with, and they go the extra mile to get the job done.
Known for its savvy demographic profiling and aggressive market penetration and expansion, RadioShack analyzes more than 3,000 potential new sites annually in development of its network of 7,200+ stores. This extensive base of stores, combined with over 100 million customer records, provides a solid foundation for building predictive models used in sales forecasting.
In the chain retail business, sales forecasting for new sites (and reassessment of existing sites) are critical to the profitability of network development, said geoVue president Jim Stone. Even a single unprofitable opening can be a substantial liability and this cuts across all verticals (retail, restaurant, service, etc.). We´re not surprised that early response to marketVue has been extremely positive, particularly given the input and stringent testing and validation it received from RadioShack.
marketVue uses a combination of patent-pending analog, gravity, and regression models, allied with industry standard statistics, plus user data on sales, customers, and existing markets, to simulate customer behavior and predict market capacity and store sales. Where customer data is lacking, geoVue provides expert assumptions or aids users to capture their own data with interVue, a customer intercept solution. The company is currently inviting selected large retailers to join a discount jump start group, which will receive the current product at a substantial discount in exchange for feedback and input for marketVue´s next release. More information is available at www.geovue.com/marketvue.htm or 1.888.554.5150, and demonstrations are being conducted in booth 1727 on the Retail Systems 2002 show floor at McCormick Place, Chicago, June 24-26, 2002.
geoVue´s user-friendly solutions integrate geographic, demographic, and business data to help clients make smarter business decisions in sales forecasting, market planning, site selection, and customer profiling. Leveraging information from industry-leading sources, geoVue helps clients better understand their customers, locations, and markets with comprehensive analytics supported by maps, charts, and detailed reports. Clients include Dunkin´ Donuts, Outback Steakhouse, RadioShack, The Limited, and Talbots.
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