Many retail store owners wonder why they should remodel their stores, and the answer is quite simple: competition on the street has increased in recent years. Retail stores not only have to compete with each other but also with online stores, which have little to no overhead costs.
However, people still enjoy shopping, and how your establishment stands out from the rest can make a big difference in your results. What people see and feel when they walk through the doors of your store is important.
Today, all kinds of technology and psychology are used to enhance the customer experience. When deciding to undertake a renovation, it's not just about tidying up a few things and making them more attractive, but about cementing what your brand represents.
Regular retail maintenance definitely improves customer footfall. Everyone likes something new, and a good refurbishment can bring more people into your store. Brands and decorations often start to lose their appeal after a while, so people go elsewhere.
How often should a store be remodeled?
Regularly enhancing the appeal of a store is not just important—it's indeed an obligation if you want to stay competitive in today's retail sector. Make sure you don't miss the alarms. Here are four key signs that demand some action for a proper store renovation.
1- It's been 5 years or more since your store was last renovated
The appeal of a retail store has an expiration date. Retailers must keep the appearance of their stores updated and fresh to stand out among the competition. And it's not just about having the biggest or brightest store.
On the contrary, it's essential to ensure that the brand identity and message are consistent across all stores and to follow current interior design trends.
This can be achieved by refreshing and replicating the same look across all stores, ensuring that furniture and accessories are consistent in all stores, that signage and branding are accurate and responsive to the message, and that the finishes and overall look of the store do justice to your brand.
2- Numerous store elements are failing
Some of the things that may be failing in your store include the performance of its facilities and fixtures, items easily collapsing on shelves, or the lighting scheme being inadequate for your store layout.
If you only have issues with these few things, the good news is that they can be easily rectified with a couple of renovations to improve your customers' experience. However, if the list lengthens, it may be time to consider a complete overhaul.
3- The store layout is no longer usefull
Your store may look tired, or the facilities may be past their prime. Perhaps the store flow no longer works. Your brand's merchandise has changed, but your stores haven't caught up.
Store design is one of the key criteria affecting the quality of the customer experience. Ultimately, a store's performance can be easily measured based on its monthly revenue.
For example, if the usual increase in sales before the holiday season doesn't occur, it may be time to consider a store design renovation.
4- The store no longer enjoys the foot traffic it once had
Perhaps the most telling sign is the decrease in foot traffic and therefore profits. Street presence isn't cheap, so your store has to earn its keep. You'll likely compare your underperforming store to another in a similar location elsewhere and analyze the results.
A renovation or complete refurbishment can revitalize a store and turn it into a thriving retail business. With the right store design and fixtures, you can expect to see a return on your investment, not to mention improved staff morale and customer experience.
Benefits of Store Remodeling
Remodeling a store also gives you the opportunity to rearrange things, not only to improve workflow but also to provide a more comprehensive experience to customers walking through the door. Some other benefits include:
a better working and sales environment
We all enjoy working in a comfortable and attractive environment. Staff, in particular, appreciates the new facilities and a cleaner, more modern store.
Boosting brand awareness
Brands can evolve or become diluted over time, and a remodel is a unique opportunity to showcase the brand to the surrounding public. If you're on a main street where standing out is challenging, changing your store design can make a big difference.
It can also elevate the tone of the area, making it a place where more people want to shop.
Making the store more efficient
A remodel also gives you the opportunity to make your store more energy and operationally efficient. You can improve lighting, install energy-efficient heating, and reduce the overall cost of your business.
It also means reduced ongoing retail maintenance costs, as new fixtures requiring fewer repair works have been installed.
additional advertising
A retail remodel is a great time to hold a grand opening event that attracts both old customers to the store and new ones passing by. You can get your store featured in the news with some additional free advertising that can be effective for some time.
To make it all work, maintenance is the key
Why should you be impatient to have a good maintenance plan?
Because predictive maintenance not only helps you keep your equipment running smoothly, but it also helps you save time and money. Who doesn't want that, right?
With predictive maintenance, you can monitor the status of your equipment in real-time and anticipate potential failures before they occur. This means less downtime, lower maintenance costs, and more efficient production. It's like having a superpower for your Retail!
Optima Retail: Experts in Retail Maintenance and Repairs Worldwide - Ensure worry-free support by providing you with a dedicated Facility Manager who will always be your contact.