Retail store renovations and remodels can significantly influence a store’s bottom line and profit margin…
Retail store owners have a lot on their plate. They have to ensure the store keeps up with trends to remain relevant in the marketplace. Customers have to continuously stay engaged. And the store must remain profitable no matter what. Believe it or not, all of this begins with a store’s layout and feel. This is why retail store renovations and remodels are recommended every 2 to 5 years to keep the retail experience modern and the shopping experience convenient. There are even some smaller things you can do in the meantime to freshen up a retail space.
A New Retail Floor Plan
A prospective customer’s first impression when they walk through a store’s doors isn’t what’s on the racks or shelves but how welcoming of a feeling it is. If they’re instantly confused, overwhelmed, or off put they’ll turn around and walk right out the door without even browsing.
A threshold space is the first 5 to 15 feet of space a customer experiences when they enter the store. It’s where they transition from the outside world to your store’s experience and what you have to offer them. Things like the store’s colors, lighting, fixtures, and displays stand out here more than the actual products or pricing. Store signage should be their roadmap to their shopping experience.
Since customers instinctively turn to their right when entering a store, a store’s right wall is often referred to as it’s “power wall” and should pack a powerful introduction to new seasonal or signature/high demand/high-profit brands and products. From there, a path should guide shoppers through to the back of the store and back again to the front to the checkout line.
Even the big national retail chains use some of these layout tactics to give prospective customers a welcoming and inviting shopping experience.
Move Around Shelving & Racks
Sometimes a complete overhaul of a floor plan just isn’t in the budget. A more affordable alternative may be to just move things around. Shuffling some retail fixture displays, racks, shelving, and product sections can liven up a store and completely transform the space; making it feel new again.
Routinely Change Store Displays
While customers love eye-catching stylish retail displays, they don’t want to see the same thing for too long. An easy way to revamp a retail store’s vibe, and prevent the store from feeling stale, is to update or change around store display or showcase areas once a month or every couple weeks.
Have a Contractor or Construction Company on Speed Dial
All of these retail store renovations might require various levels of contractor or construction work. A store’s interior may have to be completely gutted, walls might have to be built, drop ceilings may require repair, and flooring might have to be installed. Find a go-to contractor or construction company adept with retail renovations that you can call for jobs big or small.
These retail store renovations and remodels can significantly influence a store’s bottom line and profit margin. If business is down, and has been down for some time now, it might be time to think about whether or not retail renovations or remodels can pump new life into your business.