5 GREAT REASONS TO RENOVATE YOUR RETAIL STORE

In Blog by Brittany Caseblanca2165 Comments

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” el_class=”mobile_center” z_index=””][vc_column][vc_column_text]Every retail store, at some stage or another, will require a facelift with retail businesses undergoing renovations every 7 to 10 years on average. Despite the initial financial outlay and the potential loss of productivity over the renovation period, renovating a retail store can offer big returns.

If you are struggling to commit or need more convincing, here are 5 reasons renovating your retail store could be the best decision you make for your business.[/vc_column_text][vc_empty_space height=”40px”][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” z_index=”” el_class=”mobile_center”][vc_column][vc_row_inner row_type=”row” type=”full_width” text_align=”left” css_animation=””][vc_column_inner][vc_column_text]1. Increased Sales[/vc_column_text][vc_empty_space height=”20px”][vc_column_text]Customers tend to spend more time in a store that exudes quality, ambience and has an updated design. Spending more time shopping will more often than not lead to higher sales. By providing a great in-store experience, customers are more likely to return. Renovating a retail store can also generate excitement that attracts new customers. In addition, by investing time and money in a renovation you will project a message that you have faith in the longevity of your business so customers will feel more confident to shop in your store.

Research also backs up these claims. A study has shown that in a small independent retail store, the sales increase after a renovation can be as high as 43% for new customers and 7% for existing customers. This increase also lasts an entire year. For a large multi-store retailer the contrast is similar, 44% for new and 10% for existing customers. Whilst it may take a couple of years to recoup the outlay, the encouraging returns shown in the study should prompt retail store owners to view renovating as a strategic investment, rather than a necessity.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_empty_space][vc_single_image image=”2376″ img_size=”500×300″ alignment=”center” qode_css_animation=””][vc_empty_space height=”20px”][vc_column_text]

What girl wouldn’t want to shop here? Alannah Hill Emporium, Melbourne. Image Source 

[/vc_column_text][vc_empty_space][vc_row_inner row_type=”row” type=”full_width” text_align=”left” css_animation=””][vc_column_inner][vc_column_text]2. Improved Employee Performance[/vc_column_text][vc_empty_space height=”20px”][vc_column_text]Your retail employees are your most important asset, in fact they are crucial to the success of your retail business. Whilst product and marketing efforts are great and obviously very necessary, both will fall flat without the right team in place to actually sell to customers.

Better and higher performing employees will necessarily yield better income for a retail store. With that said, a successful renovation will make employees’ work more enjoyable and easier. They will be more inspired, generate new ideas and will have an increased enthusiasm as a result of their new surroundings. A beautiful store will also be motivating – and motivated employees are more productive. In fact, a study found that happy and motivated employees are 12% more productive. Furthermore, a newly renovated retail store will attract the best retail talent.[/vc_column_text][vc_empty_space][/vc_column_inner][/vc_row_inner][vc_row_inner row_type=”row” type=”full_width” text_align=”left” css_animation=””][vc_column_inner][vc_column_text]3. More Efficient Use of Space[/vc_column_text][vc_empty_space height=”20px”][vc_column_text]It could be the case that sales of your products are declining simply because of the way they are being presented. Product ranges may have expanded which leads to shelves overflowing, the store looking disorganised and customers have difficulty finding they want.

A good renovation will enable a retail store owner to reorganise and present their space in the most attractive light to customers. It will also ensure a design that maximises shelf space, encourages optimum traffic flow and ultimately attracts new customers. A lesser known benefit of undertaking a retail store renovation is that a new, effective layout will help prevent shoplifting, a significant expense for some businesses. Employees will not only have a better view of customers but the renovation may incorporate the latest in security camera technology.[/vc_column_text][vc_empty_space][vc_single_image image=”2377″ img_size=”500×300″ alignment=”center” qode_css_animation=””][vc_empty_space height=”20px”][vc_column_text]

This Longchamp store in India is beautifully organised and allows for optimum traffic flow. Image Source

[/vc_column_text][vc_empty_space height=”20px”][/vc_column_inner][/vc_row_inner][vc_row_inner row_type=”row” type=”full_width” text_align=”left” css_animation=””][vc_column_inner][vc_column_text]4. Build Energy Efficiency[/vc_column_text][vc_empty_space height=”20px”][vc_column_text]With energy costs representing significant expenditure for any retail store, there wouldn’t be any retail business owner that doesn’t want to reduce his or her energy bills.

The green market is expanding by the day with more and more products that improve energy efficiency. Renovating your retail store is a great opportunity to upgrade to LED lights, install better insulation, incorporate environmentally friendly materials and add newer appliances with better energy efficiency ratings. Even installing tapware with a higher WELS rating in store amenities can assist with reducing annual energy expenses.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_empty_space height=”20px”][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]5. Gain a Competitive Advantage[/vc_column_text][vc_empty_space height=”20px”][vc_column_text]Obviously, there’s a lot of competition in the physical retail space. However, when was the last time your competitors did an overhaul of their store? If it has been some time, then you’re in luck.

Renovating is the perfect way to compete with other retail businesses. Even the smallest retail store needs to create a brand image and renew it every few years. Image is, after all, everything. As outlined above, existing customers will appreciate the new look and you could actually win some customers from competitors whose stores are outdated and stale. In addition, you will lure new competitors that haven’t shopped at either and completely dominate the market.[/vc_column_text][/vc_column][/vc_row]

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