Retail abhors a vacuum. So, as eCommerce has forced brick-and-mortars to reconfigures, new retail models have rushed in. Today, we see showrooms, experiential spaces and pop up stores keep gaining popularity. Here’s what makes pop ups so great and the basic steps retailers need to take to get theirs going.
The Benefits and Basics of a Pop Up
As online sales grow faster than in-store sales, retailers have less reason to hold tons of stock in a lot of retail locations. Ultimately, that translates into store vacancy as retailers rethink their store strategy to fit a multi-channel model. For real estate holders, malls and even retailers, offering brands short-term leases helps offset the cost of underutilized retail space. These pop up opportunities allow brands to connect with customers at a relatively low cost and lower risk. Here are some basics to getting one started.
What’s Your Goal?
Do you want to test-run a new product or build brand awareness in a particular area? Many companies, including Cin7 customers, use a pop up to test the viability of a physical channel. Others, like wholesale fashion brands, want to sell directly to customers only in particular seasons. Whatever your reason will help determine where you pop up and what kind of customer experience you’ll offer.
Where Will You Do It?
The good news is that brands are somewhat spoiled for choice these days. Pop ups can be found in vacant retail locations, in malls and larger retail locations, and gallery and events spaces. Moreover, there are services that connect brands to vacant retail space, such as The Storefront and We Are Pop Up.These work well alongside referrals, exploring neighborhoods and asking questions, and contacting real estate agencies.
What Will You Get Out of It?
There are a lot of questions to ask when you settle on a location. Does the space suit your goals? Can you modify it? Will you have to pay extra for utilities, insurance or an internet connection? These considerations all come down to what you can expect to get from the cost of renting that space, and if that fits your budget according to your goals.
Cin7 and Pop Ups
You can use Cin7 to manage sales and fulfillment in a pop up store. With its built-in POS module and warehouse/3PL integration, you can build your customer contacts, fulfill sales at the POS, route orders to your warehouse for home delivery, all while keeping your inventory synced and up-to-date. Click below to find out more about how Cin7 can help you manage and grow your retail business.
Register for a Demo