While eCommerce continues to increase in popularity, many consumers still prefer purchasing in-store. Due to the continued popularity of the high street, brick-and-mortar stores must emphasise something that internet retailers cannot: the in-store experience.
The design and feel of a store are integral components of the in-store experience. However, retail renovation in Singapore can be costly, so knowing when to spend, where to invest, and what to value will be the difference between the physical transformation of your retail dreams and a money pit that struggles to recoup its costs.
How will you do business throughout the renovation?
Any estimate of the refurbishment cost must account for the loss of business during construction. This may have a significant impact on small firms, as many of them operate on slim margins.
The degree of losses will vary depending on several variables, including the duration of the construction, the proportion of your trade that comes through other channels, and whether or not you may continue limited service during construction.
Calculating lost business from renovations will assist you in determining how to invest in remodelling expenditures. For instance, if choosing a different contractor allows you to reopen sooner or extend your service, then it may be worthwhile to lose clients if the firm will recoup its losses temporarily.
How would your renovation affect space utilisation?
Renovating your retail establishment may increase space efficiency and visual appeal to clients. Utilising space intelligently gives you more opportunities without making the consumer feel confined. The consumer experience has become a major distinction between the online and brick-and-mortar retail industries. Therefore, renovating with an eye for effect, beauty, and style is essential.
A well-designed retail store will provide an inviting and attractive atmosphere while maximising space for items. With more goods on the shelf, shoppers will recognise that your store is well-stocked and conducive to browsing, a crucial aspect of any shopping experience.
The possibility to extend a company’s product ranges can also be afforded by maximising space efficiency. For example, a tool store can evolve into a tool and supply store, while a convenience store can grow into a mini market. This might then enhance the business’s market reach.
Renovating with a strategy for these end goals helps merchants to maximise space use, whilst neglecting to prepare might result in severe limits in the future.
How will renovating affect the business’s image?
When investing in a makeover, most businesses want the result to reflect their brand.
For instance, a premium fashion retailer must ensure that every inch of the store reflects qualities such as elegance, style, and attention to detail. Even if it saves money in the short term, investing in low-cost, functional flooring would be unwise. Customers evaluate a company based on their experience, from product and personnel to the smallest architectural aspects. Therefore, cutting shortcuts might be quite expensive.
As with any marketing effort, knowing the company’s values and making consistent remodelling decisions helps strengthen branding and customer connections. Indeed, merchants gain greatly from promoting restorations with boisterous grand reopenings, events, and promotions.