Pop-up stores are one sector of retail in Australia that in recent years have been gaining popularity and driving a stronger local economy. A pop-up store is a temporary retail space set up to generate hype and sales for a brand, and usually takes up floor space of an existing retailer or an empty commercial space. Trading time frames can vary from days, weeks or several months, and when done right, an effective pop-up store results in increased foot traffic, impulse sales and brand awareness.
Within the last decade, the department store Myer opened temporary Myer-branded kiosks in public spaces and larger retailers such as Westfield in the lead up to Christmas. Pop-ups like this continue to transform the retail landscape and have multiple benefits for established retailers, startups and landlords.
Established retailers can adopt the pop-up store concept into their annual business model as it enables them to test out store locations, further capitalise on busy periods and seasonal sales, engage VIP customers, and enhance the customer experience through novelty and creative store set-ups. It’s an opportunity for businesses to change the format for shoppers, and provide a more personable brand experience where real interactions can take place.
Pop-ups are a low risk tool for retail start-ups as they provide a unique opportunity to incubate and drive revenue growth. It enables small businesses the opportunity to trial a retail space and sell their own branding, without the larger upfront costs that come with opening a new store.
Pop-up stores are a win-win for retailers and landlords. Retailers can take advantage of lower rents and short-term leases to test out a location and their products, engage and build their customer base and move stock, while landlords can earn an income from their vacant commercial spaces without forfeiting the chance to book a higher-paying tenant later on.
Harness the power of pop-ups!
Spacenow is a site that lists out space for short-term use. This gives startups and entrepreneurs an opportunity to test the viability of their business ideas in a cost-effective way.
It’s important to consider the following factors when choosing a pop-up store:
- Location: Choose a high-traffic location that fits your brand and customer base. In Sydney, places such as Paddington and Oxford Street are where retail vacancies at an all time high.
- Promotion: Promote the pop-up via social media and create a buzz amongst VIP customers
- Experience: Ensure your store has an eye-catching layout and signage, is welcoming and is well staffed and stocked.
- Opening hours: Have regular and possible extended opening hours depending on the time of year and themeIf you are startup, established retailer or a landlord and have any unused space that would be perfect for a pop-up retail store, don’t delay before the Christmas rush and be sure to list on Spacenow.com!
If you are a startup, established retailer or a landlord and have any unused space that would be perfect for a pop-up retail store, don’t delay before the Christmas rush and be sure to list on Spacenow.com!