The ongoing Covid-19 pandemic has ruffled many businesses with most opting to exit the storefront in favour of eCommerce. As a result, there has been an increase in the number of businesses that are taking up temporary commercial space for rent to set up pop up shops and maintain a physical interaction with their customers for less.
Commercial retail space is quite affordable and cost-effective to run because you don’t have to worry about huge overheads as would be the case with brick-and-mortar establishments. If you have not tapped into these spaces you will be relieved to know that you can use the space to set up a pop up shop to build a buzz around your business to sustain sales.
Why use commercial space to embrace the pop up trend?
Pop up shops are not a new concept. They have been around for slightly over a decade and have proven to generate incredible results for businesses. You can leverage these establishments even in such turbulent economic times to rise above the tide and sail through once again. Some of the reasons to consider taking up retail space to run a pop up shop include the following:
You can test new products or try out new branding
Commercial space is much more affordable than the conventional storefront. Yet, you can use this space to test new products and try out new branding with them. Pop up shops let you take your brand in a new direction with minimal risk. You can use this platform to test new products or even a new brand image to see how your customers will receive it. If your customers are excited about it, then you can change this to become a permanent feature. If they don’t, you still won’t have much to lose anyway.
Affordable with minimal overheads
With so much retail space for rent available in the malls today, landlords are keen on making money from these spaces hence you can be sure to find a perfect space for much less. Most of the spaces are affordable not to mention the fact that the cost of running pop up shops is much lower compared to the overhead costs associated with running temporary retail stores.
Customers are eager to have experiences
Although you can indeed make significant sales from an eCommerce business backing it up with a temporary physical presence will go a long way in creating a buzz around it thereby increasing your sales. Customers are eager to experience their favourite brands and pop ups help to meet this need because of their highly experiential nature. Customers will feel good taking photos and showing off they are up to date with the latest trend or the coolest place to be. By sharing these photos with their network of friends they will create a buzz around it and draw in curious shoppers to buy into the experience or product.
Add a revenue stream
Did you know that you can take advantage of commercial space to add a stream of revenue to your business? If you notice a slump in your online sales, you can take your brand to where potential customers are by setting up a pop up store. You just might be surprised at how you will not only record an increase in sales but also your revenue. Pop ups also help to create brand awareness and a chance to increase product awareness and build brand loyalty.
Offload old stock
You may sometimes have old stock that customers are no longer interested in buying. Commercial space rental offers you an excellent platform to clear out this old stock even if it means offering discounts.
Using retail space to set up a pop up shop is a perfect way to make money and increase your revenue within a short time while at the same time increasing your customer base. Even then, you must carefully develop an execution strategy that you can use to connect customers carefully driving them to connect with your business online. Most importantly, making sure you settle for the right location is critical to the success of your activities in the retail space for rent. Ultimately, you need to know when to take up opportunities that come with the pop up store so you amplify your brand and fan up more sales and strengthen brand recognition even in an industry that has stiff competition.