1: What are the pros and cons of a pop up store?
Things to be aware of if you’re planning on popping up.
As a small business owner, it’s only natural to want all the facts on the table before you take your next steps. It can feel daunting to take the plunge, but a pop up space can minimize risk and create opportunities to engage with a community.
To leave no room for guesswork, we’ve weighed three pros and cons of pop up stores. Read on to learn more about the challenges and opportunities physical retail can bring.
Pros:
1. A store creates memorable brand experiences.
For many business owners, a pop up store serves as an opportunity to immerse customers in the world of their brand. In the real world, you can engage all five senses to create an experiential store; whereas online, you can only use one. By creating a real-life experience, you also have the potential to generate a real social media moment. And, with the flexibility of temporary retail space, you can put on a show without having to worry about how it will be sustained in the long term. If you’re the kind of brand that likes to stand out, check out our round-up of some of the stores that created a completely unforgettable in-store experience.
2. You can build stronger relationships with your customers.
Without the anonymity of the internet, your retail store is a chance to get to know your customers. These meaningful interactions won’t just help you to understand your demographic and get feedback on your brand, but will also make you a part of the community. By building these relationships, you will also drive loyalty for your brand. In fact, this is a new trend known as ‘emotional loyalty’: industry analytics firm Gallup found that customers who had emotional loyalty to a brand visited that store 32% more often.
3. Your store can be a marketing tool.
Think about it: your storefront can be an advert for your brand. Securing a space on one of the world’s busiest main streets is a smart way of getting your business in front of thousands, for the fraction of the price of a big billboard. Therefore, it’s no wonder why brands like IKEA and Virgil Abloh, Netflix and MATCHESFASHION.com have used temporary retail space as a marketing tool to drive awareness for their latest launch.
Cons:
1. You can only appear one place at a time.
One possible drawback of a pop up space is that you can only pop up in one specific place at a time. While this may not be the route for a brand looking for rapid global expansion, focusing your efforts on just one place at a time can allow you to foster meaningful relationships and really develop brand awareness in a new area. And, if the area doesn’t quite work for you, you can move on to the next neighbourhood quickly and easily with flexible leasing.
2. It can be difficult to find the right space.
When the whole world is your oyster, it can be tricky to know where to start. Do you go for a store on an iconic main street or a neighborhood shop? Do you want a white box or something a little more unique? When scouting out your location for a pop up space, the selection can feel overwhelming. To remedy this, get in touch with our concierge team, for a no-obligation chat about your options. Not only are they experts of their cities, but they’ve also helped to launch over 10,000 retail spaces around the world.
3.The misconception of high cost
Something that prevents many brands from making a move into physical retail is the misconception that it’s a costly process. Previously, lengthy legal processes and long-term high-risk commitments were the norm. But, now, things are different. Through flexible leasing, independent businesses are able to book temporary retail space for just a few weeks – eliminating the time-consuming contracts and empowering them to open their very own store.
Whether you’re feeling confident that a pop up space is right for your brand or you’re still unsure, our concierge team is here to help. For personalised advice for your brand’s next steps, give us a ring or create an account.