Why are Pop up Shops Excelling?
Pop up shops are temporary retail stores that sell products or services. They add a fresh touch to the high street and get consumers excited. They’re usually used by online retailers to give them a chance to get face to face with their customers, or for stores looking to break into a new market or experiment with an idea.
They’re Cost Effective
The financial commitment for pop up shops are significantly less than permanent retail stores. Pop up shops have a short rental period, anywhere from one day to six months, compared to the long leases that permanent retail stores require. They usually get a good deal on rent because they fill up a retail space while the landlord looks for long term renters. Pop up shops are temporary, so retailers don’t need to rent extra space for storage. They will have a limited number of stock that won’t need to be replenished over long periods of time.
They are Good for Experimenting
Pop up shops are a really good way to test out new ideas. They are a way to experiment with customer behaviour to see what works, and what doesn’t. The smaller costs mean that different markets can be tested out without losing too much money if something doesn’t work. They are an effective way to test out new products and collections. Make the most of your pop up shop by conducting surveys and talking to your customers about their thoughts and preferences.
They Create an Experience
Pop up shops are retail stores with an exciting twist. Consumers are constantly looking for interesting ways to spend their time, and what better than a limited time pop up shop? There’s a novelty element to pop up shops that permanent retail stores can’t mimic. It’s also exciting for the staff, creating a better customer experience.
One of the biggest strengths of pop up shops is that they are agile. Innovation is one of the biggest reasons for success in the retail industry and agility is one of the most important ways to utilise it. Smaller businesses are a lot more agile than bigger corporations and have a quicker turn around. The same goes for retail stores, long standing large stores will find it a lot harder to make changes than new smaller retail stores. Pop up shops can come up with an idea one day and implement it the next.
They Have a Sense of Urgency
The sense of urgency surrounding pop up shops makes them extremely appealing to the consumer. Consumers can’t put off a visit to the store because there will be no store to visit. FOMO or the fear of missing out draws the consumer to visit the pop up shop before it’s too late. This is particularly effective if a buzz is created on social media around the stores limited time opening.