Population dynamics and the success of grocery stores and supermarkets go hand in hand. Businesses are constantly paying close attention to where their customers live. If a store is too far out of the way, it may lose out on valuable revenue. Similarly, shoppers in heavily populated areas that lack a quality supermarket will often band together to encourage businesses to move into available local real estate. As retail establishments follow migration behaviors, dual purpose check scanners and money counters are important tools for enterprises that depend heavily on large volumes of transactions in densely populated areas.
Opportunities in revitalized areas
Neighborhoods frequently experience significant changes in overall population and business activity. According The Pittsburgh Tribune-Review, a new Shop 'n Save grocery store will open soon in the Hill District, an area of the city that recently experienced a revitalization of its business district. The Hill House Economic Development Corporation is in charge of building the store. In fact, the organization decided to do so after conducting a comprehensive review of the local market to determine the impact of introducing a grocery store.
Impact of changing populations
The Community Development Financial Institutions Fund released a report in 2011 highlighting the many factors that contribute to success in the grocery industry. While consumer spending rates are typically a primary area of concern, local population dynamics have a significant impact on the opportunity to process more transactions through checks and cash. For example, population growth not only influences where businesses operate, but also what kind of items they decide to sell.
A recent article from The Associated Press said the growing Hispanic population in many regions of the U.S. has encouraged grocery stores to stock their shelves with different items. The sales of Hispanic foods and beverages measured $8 billion in 2012. Those numbers could increase to $11 billion in 2017.
As supermarkets leverage population trends to increase sales, cash counters and check processing machines can streamline the money counting process and ultimately improve the efficiency of backroom operations at grocers nationwide.
November 1, 2013