Once seen as the downfall of traditional retail, online retailing is helping to drive a resurgence in the demand for brick and mortar stores and tangible customer experiences.
While online retailing has seen increased productivity, improved marketing capabilities, omni-channel retailing networks, start up master classes, and service training and improvement, these improvements are easily transferable to a traditional retail format.
Enter stage right: the pop up phenomenon.
what is a pop up and here are four key reasons why a pop-up is an ideal solution for a variety of brands (Test the market; Create an experience; Connect to a Event or Build face to face relationships).
Pop-up stores are nothing new to the retail sector (think wine tasting at the airport, boho-chic clothing stand at a Westfield, Coca-Cola personalising cans on Queen Street during Christmas), however this new resurgence is being led by unmissable brands including Gucci, North Face and Kylie Jenner. While these leading brands aren’t working with limited marketing budgets, the same benefits of a brick and mortar store are accessible to all brands, with data indicating it is over 80% cheaper to open a pop-up store rather than a traditional brick-and-mortar location.
While retail is still in its resurgence stage and vacancies mean landlords are considering all options, now is an ideal time to consider a pop up for your brand.
Location , location ….etc ( you know the rest)
We don’t want to be dramatic, but location is one element that could be make or break for your pop-up. In the same way you’d target your customers online through their interests and demographics, your location will need to target people who will either pass by and notice the pop up, or is easily accessible for your desired customer base (think Google AdWords in a physical sense).
Deciding on the right location means looking at more than just the tenancy itself but what comes with the location in the form of the opportunities and benefits of the area. Ask yourself: what are you really looking to achieve with this venture? Does this location reflect your business and is the customer base also a reflection of your brand?
Key to answering these questions is a little bit of market research, and the Local Intel page on the Pophub website is an excellent place to start. Check out various locations and identify the right look and feel for your brand.
Everyone is at a different stage in their retail career from startup to multinational brand. However everyone has one thing in common: The importance that your real estate decision reflects your brand and customer base.
You need to know what you’re looking for from a space. Are you looking to test the market, Launch a new product, run a clearance sale, test a product on your clients. Essentially you need to be very clear in your mind what you aim to achieve from your space.
This may all feel a little full on, and there is no ‘perfect’ location, but one of the benefits of a pop up is it allows you to make mistakes without lengthy leases, high fitout capital expense and lengthy and protracted legal negotiations. You’re able to carry out your homework while your pop-up is running, and with minimal risk. The upside far outweighs the potential risk, and if the site is an absolute boomer then you can consider your long-term options.
Need help picking a location for your pop-up? Reach out to our Pophub Concierge team and we’ll point you in the right direction.