Satellite imagery can predict retail performance, according to startup

Bryan Clark, via The Next Web:

After five years of fighting to increase profits, J.C. Penney is shutting down 130 stores nationwide. For one California startup — and anyone who’s been inside J.C. Penney lately — this didn’t come as a surprise.

Orbital Insight, a venture-funded startup in Palo Alto, uses satellite imagery to track the health of major retailers by analyzing car groupings in the parking lot. Year-over-year, J.C. Penney saw a five percent decrease in the number of cars parked outside, and down over 10 percent for Q1 so far, according to Orbital Insight.

The Outline’s Adrienne Jeffries has more:

The number of cars in J.C. Penney lots was down 5 percent year-over-year in Q4 of 2016, and is down 10 percent year-over-year for Q1 so far, Orbital Insight said.

Orbital Insight, a venture capital-funded satellite intelligence startup based in Palo Alto, tracks 250,000 parking lots for 96 retail chains across the U.S.

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