Developing an Optimal Location Model with a Geomarketing (Location-Based Marketing) Approach in the Retail Industry Using Thematic Analysis & Interpretive Structural Modelling (ISM)

Deciding on the store location is the most important strategic decision of retailers for long-term profitability. Therefore, in order to achieve their goals, the managers and owners of retail stores make decisions concerning the target market and the purchase place, both of which are highly important in their success or failure. Therefore, the main purpose of this study is to provide an optimal location model with geomarketing (location-based marketing) approach in the retail industry using thematic analysis and interpretive structural modelling. For this, 14 experts in the retail industry were interviewed, and the content of the interviews was analyzed using MAXQDA software. Based on the results, 10 components and 82 indices were identified. Finally, using structural interpretive modelling, their interrelationships and influence on each other were determined. According to research findings, retail location is of great importance to customers. Companies can use the geomarketing approach to select the ideal location and spatial planning for the retail industry, to select locations with the maximum volume of trade, and ultimately to maximize profits.