Your shop is starting to look dated, and sales are dropping. What can you do? Renovate. Yes, renovations can be costly; therefore it is essential to consider the following points before you start your renovating project as it is an investment into your business.
Why are you renovating?
Is your store starting to look outdated and dirty? Do you need to make more space for new merchandise? Do you need to update your brand? Whatever the reason is, it is essential to have a thorough plan before you starting renovating. It is also important to remember why you are doing the renovation and the benefits of it when you start to get frustrated with the process.
What are you going to renovate?
Before you start to employ the skills of a retail display expert, it is essential to have an idea of what a successful renovation will look like to you. You need to take a walk through your shop and ask your employees what parts of the shop are affecting their productivity. You should also consider the back rooms of your shop. Are your employees easily able to get to stock and do they have an area to rest? By investing in your employees, you will help them to serve your customers better. Next, you should consider who your customer is? What are their needs? If you are a retailer of baby goods, you may want to ensure your aisles are big enough for a pram as most moms may be shopping with their children. You should also look at what your competition is doing.
How will you engage your customer’s senses?
Many stores use colour, lighting and beautiful images to engage the sense of sight and they may have beautiful music playing to engage the sense of hearing but how are you engaging your customer’s sense of smell and touch? By engaging your customer completely, you will be able to ensure they are relaxed and enjoying their shopping experience which will encourage them to let go of their hard-earned income easier.
How will you leverage new technologies?
Technology is developing at a rapid rate and changing the way people buy goods. What technologies can you use to encourage consumers to purchase goods from your stores? How can you improve your customer’s experience through the use of technology? You could have a mobile point of sales. You could offer your patrons free Wi-Fi. You could create a smart kiosk which helps them to select items in the store for their new look or home.
How will you finance your renovation?
You should get various quotes from contractors and consider all the possible expenses that will be involved in your renovation. It is always advisable to add an extra 15% on your estimate. Renovations have been known to cost more than anticipated. You can apply for a loan from a bank which has an agreeable interest rate and is set across a period of 3-5 years.
How will the renovation affect your business?
Renovations can be loud and dusty affairs, and this may cause you to consider closing your shop for a couple of days. How will this affect your revenue? It can have a good effect as your customer will be curious about the changes you are making and you could possibly garner new interest as well.
By considering these six questions, you will be well on your way to a great renovation plan for your business.
