London’s neighbourhoods have played host to all kinds of pop up events for the past 15 years. From art exhibitions to workshops, bars and parties and even festivals, there’s always something lined up. New retail space is constantly emerging so you can be sure to find a suitable space for your unique needs.
Having a physical presence in a retail space for rent can give your brand a big advantage. Talk about the opportunity to connect with your customers, the ability to offer a unique customer experience and of course visibility for your business. The benefits are endless. However, you need to put in some effort to enjoy these benefits. Planning is everything.
The success of your temporary retail store will be determined by just how much effort you put into the planning process. Yet, the planning process is sometimes overwhelming so that you find yourself ignoring some of the important details.
The future of how we shop is changing, and as an entrepreneur you need to be ahead of the curve if you are considering retail. Here are some of the things that you must keep in mind as you plan to take up retail space for rent:
Choose the right location
The choice of your location has a direct impact on the success of your temporary store. You are renting a retail space for a short period so you need to identify a location that will attract as much foot traffic as possible during that time. The location you choose will largely determine how many people you will reach with your brand if they will make any purchases and the sales you will make.
Just because London is a populous shopping destination is not a guarantee that your short term physical store will thrive. You need to narrow down to the demographics of the neighborhood you are targeting. Find out who hangs out there, what are their shopping habits like and where they prefer to shop.
Addressing such questions will help you find the best location for your store. You also need to look up information about your location of interest to see if there will be any activities happening at the time you intend to rent and how they will contribute to your store’s traffic and sales. For instance, will seasonal markets, music festivals or even sporting activities contribute the traffic coming to your store or will they be a distraction?
Promote your temporary store
Setting up a temporary store in a prime retail space area in London is not a guarantee that you will get all the foot traffic you desire. This is especially true if you’re purely an ecommerce store. While it is true that the appeal of your store may attract some traffic, it may not be enough to translate to customers and sales.
Therefore, make sure you invest in marketing to popularize your temporary store. A good marketing campaign should be sustained to build hype before, during and after the launch. Promote your retail store on social media platforms and get people to share your posts. You can also work with bloggers and local influencers to help you spread the word.
Have a reasonable budget
It is a common belief that having an extravagant retails will translate to a unique experience for your customers hence, most businesses are willing to spend a fortune. In reality, this is not an effective strategy. The reason you have opted to pitch your presence in a physical location is to generate brand visibility that translates to sales.
This means that your goal is profit. To achieve this, you need to have a budget that takes into account all the basics you need to get the store going while leaving room for unanticipated costs such as fixtures and appliances. This will ensure that you not only make a profit but also save. Instead of being extravagant with your store, consider DIY décor that is affordable and has a personal touch.
Get proper permits
It is easy to get lost into the excitement of going all out and meeting your customers in person that you forget to take care of important documentation. Once you settle on a location, make sure you find out about the commercial and zoning requirements in the area. You may have to apply for a business licence to sell or have your temporary premise go through fire and building inspection. Make sure you get everything right before launching your store.
Retail space London can be a huge asset for your business when executed well. You can use it to boost revenue and elevate your business.
