Retail store owners spend a lot of time looking at their store. They’re constantly looking for ways to freshen up its appearance. Perhaps they’d like to give it a more hip or trendier look. Make it more inviting to those walking by or easier for customers to navigate once inside.
Yet, in our line of work, we constantly run into retail store owners that just aren’t sure if it’s the right time for a retail remodel. They view retail remodeling as something they can put off for a few more years. Instead, they opt to change the traffic flow, maybe do a little painting, or rearrange the inventory. They can also turn to promo sales to get people inside. But that’s going to stop working at some point. Here’s some advice to help you figure out if now’s the time for retail store remodeling.
Has Your Store Gone 5 to 10 Years Without Retail Remodeling?
If your answer is yes, understand that your store’s bones age just like anything else. Building materials, equipment, fixtures, and the store’s decor gradually wear out and begin to look dated and tired.
There’s the old saying that you can put lipstick on a pig but it’s still a pig. Sometimes you can do everything you can to freshen up a store’s interior but what it needs is a major facelift. And that’s typically needed within a decade of a new construction or the last remodel or retail retrofit.
Has Your Competition Picked Up?
Is there a new kid in town pulling in customers that were once yours? It’s not uncommon for a new rival to emerge. A new store can enter the market. An old store can get new management and reinvent itself with a fresh concept.
If you aren’t renovating your store every five or so years, you might as well open the door to a competitor and offer them some of your customers and revenue. You can play with merchandise, sales, or rebranding all you want. A competitor stepping onto your turf with a fresh floor plan and new fixtures, colors, and lighting is going to steal customers from you. Even with similar merchandise and pricing.
Various studies have confirmed that retail remodeling can increase revenue by anywhere from 5% to 10%. Some of that is due to the appearance of a new store catching eyes and turning heads. Some of it is due to word-of-mouth from those telling others about the store and their shopping experience.
You Don’t Have to Shut the Store Down
This is a cause for hesitation we hear all the time. Shutting your store down for renovations shuts out loyal customers and shuts off your revenue. Your store can remain open throughout a retail remodel. Retail remodels can be done in phases or after business hours.