In a previous post we talked about how hard it is to get consumers to look up from their smart phone to actually notice the world around them and the challenge that it creates for event promotion. These same technology driven and time-starved consumers are also creating new issues for retail stores. It used to be that a retail store would have lower prices online to help encourage consumers to shop there, however, now more and more consumers are shopping online and retailers have to offer incentives to bring customers in to the actual store.
According to CNN, the rise of online shopping was behind the closing of quite a few stores in 2017. This leaves brick and mortar stores with a few challenges in trying to create a store of the future. We are seeing a few solutions being tried out by smaller business: sharing space and pop-up shops. Smaller brands are coming together and sharing a storefront. This allows them to split the rent to help keep their overhead prices low, while still having a space for their customers to view their product. Pop-up shops, or temporary retail, are renting small facilities for a short amount of time. This is a benefit for the shop owner as they can test the market for their idea with little square footage and storage, which amounts to lower overhead costs. It benefits commercial real estate brokers because now they don’t have empty space just sitting there. Either way, businesses are going to have to try different ideas to keep up with the growing trend of online shopping.
Regardless if your business is small or large, an actual retail space or more of a pop-up shop that travels from place to place, marketing is still key. The best way to have your brand noticed and remembered is to have high quality displays like promotional table covers, tents, flags, banners, and umbrellas. This is where VIP can help you achieve the look you want your customers to remember. Contact us to get a free mockup and quote.