Politics and Business
The Low Risk Ways To Grow Your Retail Business
If you are thinking of going into business as a retailer, but are worried about committing to paying out huge amounts in rent and rates each month, then you may want to try a more flexible approach.
Many businesses are adapting their styles to incorporate new business models. Having the ability to open up shop wherever they want, and whenever they need to, allows the savvy entrepreneur the ability to react, and be proactive. The nomadic business model can watch for shifts in consumer trends and is not as tightly bound to the whims of the market.
Following the economic downturn a decade ago, many retailers went under. Since then, many major, established brands have gone to the wall too. High rents and unyielding business rates can be very problematic in an industry where competition is vast.
As such, a business model that is not reliant on long rent deals is ideal. There are many ways that you can achieve this, while at the same time, creating a recognizable brand, putting great products in people’s hands, and providing remarkable service.
The Niche Circuit
There is a growing trend for niche markets, fairs, and conventions. This type of event will open up in every major town and city, and will attract a vast crowd of visitors who will be intent on buying lots that meet their interest. Vintage fairs, comic conventions, and food markets are all places which have shown growing success rates in recent years.
Bringing the right product mix, a payanywhere card terminal, some great portable signage, and your perfect style of customer service will mean that you can build your brand across a variety of different events throughout the whole country.
If you operate an online store too, you will be able to promote this through such events. This will mean you will be growing your reputation and the potential for repeat custom.
The Pop-Up Shop
Void units cost landlords considerably. Not only do they affect the trade of the retailers that surround them, but they can also mean that there are rates to be paid an empty property. It is in nobodies best interest to leave these empty. But with the challenges that face retail, it can be hard to get companies to commit to long leases.
With problems such as these facing them, many landlords will allow very short leases of potentially as little as a few months. These might also be at quite heavily discounted rates. This might allow you to open a store during a peak trading window, such as the run-up to Christmas.
Using a basic shop fit, and some fixtures that are easily assembled and can be moved, you can set up a shop within a couple of days. The quicker you are ready to trade, the better, as your lease is only short.
Again, a pop-up shop can be useful for brand building and signposting customers to your online store.