Retail sales in the UK are on the up, and for many people, they automatically presume this increase is down to online sales. However, as one publication declared, consumers are choosing bricks over clicks’ with many of the UK’s retail outlets reporting a surge in in-store sales over their digital outlets.
So what does this mean? It means that while the British High Street, as we know, might look different, there is still a demand for physical stores and people wanting to buy from them. For people looking to set up shop as retailers, this bodes well for future success.
Before you take the leap and open up a store, you need to make sure you do your research into some important aspects of running a store that will influence your success.
Demand & Location
Demand for brick-and-mortar stores will vary across the country, and what is popular in one city might fall flat in another. How successful you will willingly spend on getting the right location for what you plan on selling. If you’re opening a clothing store, then a location in a busy shopping center or high street will be ideal. At the same time, a food retailer might fare better in a retail park or standalone location with ample parking. The more thought and research you put into the demand in the area, current shopping trends of consumers, and what types of stores are thriving where you want to locate, the better an idea you can form on how successful you might be.
Price Points
Another factor that will impact how busy you are is how much you will be expecting to sell your goods for and what you can expect to take. Let’s say you are opening up a specialty bakery featuring high-end pastries and cakes with prices that reflect the ingredients and time you put into making them. If you are setting up in an area where the majority of residents live on or around minimum wage, then you might find you aren’t received as well as, let’s say, a budget food outlet that can offer similar foods for a fraction of the price. However, a location in more upmarket areas or alongside retailers who price similarly to yourself, e.g., clothing boutiques, designer stores, etc, where the average spend per person is likely to be higher or the area is experiencing gentrification, you can expect to fare better.
Supplies
What supplies will you need to set up with? You can purchase some things as you go, but you do need some equipment to set up a store. Does your building come with any facilities or furniture? Does it have preinstalled shelving or racking for you to display items on, or do you need to refit the space to make it work for you? You need to look at what you will end up with, from tills to safety equipment, sleeves, POS technology, and security tags. Finding a trusted shopping trolley supplier is vital for food retailers or supermarkets, as is finding the right ingredient supplier if you are opening a bakery and the right signage provider so people know you’re there and who you are.
Knowing what you do and don’t need to get started to set up your store, where the best location is, and what the demand is for what you’re selling can help you start off on the right foot when opening your retail outlet.
