Summer might just be coming to an end however it won’t be long before retailers turn their attentions to Christmas! Despite a surge in pop up shops taking advantage of the bumper retail season in recent years, research has shown that a falling demand for pop ups has caused the number of retail units to rise above 10 per cent for the first time since April 2015. That’s according to the British Retail Consortium and research group Springboard.
Their latest figures showed a rise to 10.1 per cent from 9.6 per cent in April 2016 with more and more shop units being left vacant because of the fall in pop up demand. It’s been reported that Diane Wehrle, a director at Springboard, said:
“Between October and January vacancies went down, partly on the back of more pop-up shops. Since then, temporary lets have not become permanent lets. The key thing is to see if pop-ups start increasing again coming into Christmas.”
Last year, it was predicted that almost a third of new businesses launched in the UK between 2015 and 2017 would start as a pop-up by telecoms company EE. With pop ups tending to take six month leases on shops to test out a new business concept, or as a marketing stunt for established brands the number of current shop vacancies is being blamed on them not securing long-term success.
So how do you take advantage of the vacant retail space and run a successful pop up?
Location, location, location
Choose an area with a high footfall and check out the competition in the surrounding area. You need the right businesses and retailers nearby to help draw your customers in. Consider whether pop ups have been launched in the area previously and what their success rate has been.
Stick to a budget
It’s easy to get carried away with fixtures and fittings but it’s important to remember that, for the time being, your shop is temporary so should be kitted out on a tight budget. Fortunately, a minimalist design is on trend for retail space so your products can take centre stage.
Pop up don’t sneak up!
You need to create anticipation and excitement surrounding your temporary shop and leaving this till the last moment could be too late. Use publicity, events and PR to let potential customers know what you are about and when you are opening. The retail market is highly competitive and big brands will be using all kind of promotions to entice shoppers. Capitalise on the fact that your pop up is new and only around for a short amount of time.