TRAFFIC STUDY: PROVIDING AN EFFECTIVE TOOL TO EVALUATE NEW BRICK AND MORTAR LOCATIONS BEFORE BUILDING BEGINS
As credit union management began to discuss the various locations available
to build a new branch, many opinions about the various potential sites
began to surface. Each leader had strong ideas about the potential success
of their favored location.
Profound was commissioned to conduct a traffic study in the defined market
area to determine the best geographical location to build a new branch.
Profound took into consideration the various locations that were being
considered, based on credit union executives’ speculation. As a
compliment to the speculative data, Profound conducted a traffic study
using government statistics, highway records and physical data. Profound
identified several geographic locations that would offer the greatest
amount of convenience for member access. Profound identified commercially
zoned locations that had high traffic count, was in proximity to where
the community lives or works and was affordable. These locations were
anticipated to experience heavier traffic flow in the next five years.
Profound then determined side street alternatives offering similar traffic
patterns and the land was more reasonably priced. Based on facts that
were gathered, Profound offered information that was reliable, and in
addition to providing valuable data and statistical recommendations, Profound
confirmed the feelings that the executives had regarding the feasibility
of particular locations for the new branch.
The credit unionis still in the decision-making process for the expansion.
Thanks to Profound, the credit union has an independent, trustworthy traffic
study to make a decision that will not only impact the convenience offered
to members, but also the amount of money that will be spent on the expansion.