IRIS Retail Consumption Index (IRCI)
. IRCI is an IRIS proprietary index which benchmarks a site and measures its retail
potential against the database available with IRIS
. The Index is a weighted calculation of 15 variables classified into 5 broad variables to
arrive at a star rating ranging from 1 to 5 stars
For Retailers
IRIS Spaceintel for retailers answers the question- Which shopping centre to choose?
This process looks at measuring various factors such as
. Catchment population analysis
. Owner, Title, Building Facia
. Synergistic neighbour, competition analysis
. Traffic potential such as drive-ins, walk-ins, drop-ins, odd hours
. Tenancy mix, Anchor Support
. Selling Area, availability of parking
. Accessibility , connectivity to site
Each store site is then scored out of 100. A total score of 75+ is go-ahead.
Process: Footfall Analysis
The objective is to do a consumer
analysis of the footfalls at a retail
destination.
The study can be conducted in two
mutually exclusive modules,
. Module 1: at the exit which
would be a 3-4 minute interview
and would include information
areas - Profile of the shopper
(SEC, purpose of trip,
accompaniment, where coming
from,.) conversion rates
. Module 2: a more detailed 20-25
minute interview within 24 hours
which would be done off
premises and would include
information areas such as sales
by store type, reasons driving
visits, ratings on attitudinal
attributes, satisfaction, ratings on
the retail equity elements
To deliver: Footfall Analysis
Shopper clustering
Inputs for upping conversion: What
is working for the SC and what is
not, in the retail mix
Which tenants are anchoring
footfalls, and which ones are driving
spending
Impact of any promotional activity
during the period of the study
