Not all trends stand the test of time, but the pop-up store continues to endure long after its initial “pop” on the market. From food trucks to mobile retail stores to rotating locations, the pop-up concept is winning fans with consumers and real estate owners alike. The latest data from 2014 reports pop-up stores are generating $10 billion dollars in retail sales. The transitional spaces benefit both the brand and the property owner, creating a win-win situation.
Win for the Brand
It doesn’t matter if the brand is an online retailer thinking about going physical, an established chain looking to expand its footprint, or a new startup aiming to test the waters. pop-up stores help businesses test new markets before investing in an expensive permanent retail location. Never underestimate the fear of missing out. Consumers feel more pressure to visit pop-ups before they’re gone. The time-sensitive aspect adds spice to the marketing, giving pop-ups extra brand exposure.
For online chains thinking about expanding into physical stores, the format helps create a brand experience. Bring online customers into the real world and vice versa. For example, online beauty to retailer Birchbox created a series of pop-up location in 2015 to let fans and new consumers interact with its curated beauty products. As part of the experience, the pop-ups offered manicures and astrology readings. Now Birchbox has its first permanent location in SoHo.
New businesses find pop-ups an easy way to start building brand recognition and a customer base with reduced output. As customer needs increase, startups can ramp up production.
Win for the Landlord
Lingering empty spaces literally do nothing. They don’t generate interest in the property and they don’t generate income. Pop-ups fill an otherwise empty space and earn some income, especially during renovations or other special projects. They can build excitement and anticipation for the new space. High-interest pop-ups help drive traffic to the nearby retailers, boosting their bottom lines, too.
As a landlord, it’s in your interest for the pop-up to do well. Down the road, if you hear the brand is looking for a permanent space, entice them to become a permanent tenant in your space by reminding them of the location’s previous success.
Starting a Pop-up
Even though these retail outlets are not permanent, getting one started still requires serious work. Search for the right construction vendors for your pop-up location on 4URSPACE.
4URSPACE connects retail vendors and other professionals providing assistance to the retail industry to the retailers who need their services.
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