Storefront, the marketplace that helps companies rent short-term retail space in the U.S. and Canada, now offers a ranking system for businesses to evaluate potential space.
The option is called RetailGrade. The ranking is done through an algorithm that provides “grades” for listings based on the surrounding area and viability.
Storefront, which has worked with firms such as Target, Etsy and “Project Runway,” says it can help companies identify the right location for store space, such as pop-up shops. Companies can input a proposed address at RetailGrade, and the algorithm will output a score from 0 to 100. The score will correlate with a rating, such as limited retail, outskirts, nearby hot spot and popular shopping, to name a few. The rating metric is supposed to provide feedback on the retail density of an area. That information in turn is presumed to provide firms with some idea of foot traffic and purchase intent in the area surrounding the store site.
Any address in the U.S. can be evaluated via RetailGrade.
Storefront was cofounded by Erik Eliason and Tristan Pollock in March 2013, and operates as the Airbnb equivalent for retail, linking prospective tenants with landlords.