When was the last time you had your retail store renovated? Do you know that having it renovated is an essential tool in maintaining continuous business growth?
It is common knowledge among people in the business that retail stores require renovation every 7 to 10 years. How old is your retail store? Is it about time for it to undergo a renovation?
If you’re considering renovating your retail store but you’re still on the fence about it, this post is perfect for you. In this article, we’d enlist the top five reasons as to why you should renovate your retail store.
Reading this would fully inform you of the importance and true essence of keeping one’s retail store fresh, well-maintained, and in-line with your business development goals.
Top 5 Reasons Why Renovating Your Retail Store is a Good Idea
Reason #1: Increase in Sales
You need to renovate your retail store because having your space renovated can effectively increase sales. This is because customers spend more time in stores with spaces that give off an energy that exudes excellence, an engaging ambiance, and modern design. And the more time a customer spends in a shop, the higher the chance for customers to proceed with a purchase. Studies showed that shops that provide impressive in-store experience have customers returning. Because who wouldn’t want to return to a place where you always feel good, right? This is something that you must always keep in mind as a retail store owner.
Apart from customers preferring to stay longer and proceeding with actual purchases, renovating a retail store also projects a message of longevity and growth. If a retail store is renovated, customers see it as a sign that your business is doing good. This perception will increase your customers’ faith and confidence in your store.
Data also revealed tangible evidence of the benefits that a business garners when a renovation is done:
● Independent retail stores experience a 43% increase in sales from new customers
● 7% increase in sales from loyal customers
● Sales increase after a renovation lasts for an entire year
● Multi-store retailers report a 44% increase in sales from new customers
● 10% increase in sales from loyal customers
Such strong data reveals that though it may take a while for store owners to recover the outlay, having one’s store renovated is an absolute power move and investment.
Reason #2: Happier Employees
Your retail employees are front and center in the growth of your business. They are important assets that deserve your energy, time, and attention.
Having your retail store renovated will make your employees’ workflow easier and more enjoyable. Employees will easily feel inspired and geared to work when their surroundings boost their enthusiasm and energy. Beautiful store designs are effective in motivating employees to be proactive, productive, and aggressive in reaching goals. Research showed that employees are 12% more productive when they are motivated and happy. A newly renovated store will also effectively attract and catch the attention of great retail talents who will be excited to join your team.
Do it for your team. They deserve a beautiful space to work and be. It’s the least you could do to make them feel appreciated and honored.
Reason #3: Space Utilization
Most retail stores have weak sales simply because their products are not presented well. Have your products expanded? Are your shelves already overflowing that your customers tend to get overwhelmed? If your store is too packed and disorganized, customers will have a hard time looking for the products they want. You won’t even get to effectively highlight new products that you want to promote given that your customers are too overwhelmed already.
Undergoing a renovation will allow you to rethink and reorganize your use of space. If you’d consult retail store design experts like shop renovators Bangkok, they’d be able to easily guide you on the necessary design edits that can allow for more space. Your customers need a good amount of space to interact with your products. In renovating your retail store, you’d be given a chance to fully prioritize this.
Renovating your retail store into having a new look will also allow you to apply modern design concepts that help in the prevention of shoplifting. Renovating will also allow you to easily place security cameras in strategic locations.
Reason #4: Your Store Will Be Energy Efficient
Renovating your store will give you the chance to apply modern green concepts in design that can reduce your utility bills by significant amounts.
With a renovation, you’d be able to install smart fixtures and appliances that consume less energy like LED lights and green insulation. You’d also be able to use environment-friendly materials with stellar energy efficiency ratings. Edits as simple as installing taps with high WELS rating will go a long way.
Reason #5: Improved Competitive Edge
Having your store renovated will easily make you stand out among competing retail stores. You’re in luck if it’s been a while since your competitors have renovated because renovating your store will give your quite the highlight and additional clout.
Renovating will allow you to strengthen your store’s image. The stronger your image and branding is, the better you’d do when competing in the market.
Renovating will allow loyal customers of different stores to give you a try and rethink their consideration of your products. You will also easily lure new clients because bright and newly renovated stores are highly inviting if placed among stale and old stores with outdated designs.
Never underestimate the power of intelligently undertaking a retail store renovation. Hopefully, the five reasons we’ve enlisted already convinced you to be proactive and be all out in renovating your retail store. With the many benefits it will bring, you’d wish you’d have done it earlier!