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July 25, 2017

Traffic Study

TRAFFIC STUDY: PROVIDING AN EFFECTIVE TOOL TO EVALUATE NEW BRICK AND MORTAR LOCATIONS BEFORE BUILDING BEGINS

Opportunity
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.

Solution
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.

Result
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.

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