Reality TV makes commercial property makeovers look so easy. If you’ve watched an episode of Hell’s Kitchen or Mary Portas: Secret Shopper, you know exactly what we’re talking about.
But when it comes to remodeling retail stores, there’s more to it than just redecorating the walls.
You have to be meticulous with the details. You need to plan everything carefully, think about what you want to achieve, and how you’re going to achieve it.
With that in mind, let’s take a look at some of the most important factors that need to be taken into consideration when it comes to remodeling retail stores:
It’s All About the Location
When it comes to the success of your retail store, it’s all about the location. If your store isn’t located in a centralized area, this could prove to be problematic in a lot of ways.
It’ll be difficult for customers to reach your store. There won’t be any public transport nearby. It will be difficult to market your brand. And the list goes on!
According to a report published by Deloitte, 90 percent of retail sales worldwide are conducted in physical stores. This means that even if you have great digital sales, your customer services still depend on physical sales.
For this, you need to have an easy-to-access location, with amenities close-by.
Revamp Your Retail Space Completely
The second most important thing to take into consideration is the type of customers you attract.
Recently, Wal-Mart completely revamped its marketing strategy as well as the design of its stores by targeting specific types of customers instead. You need to think about what type of customers you’re trying to attract.
Is it women? Is it families? Or is it both men and women?
Research shows that the interior and exterior of retail stores have a significant impact on customers. If your store’s layout is designed to accommodate your target audience, it will attract the right kind of audience.
This includes upgrading lighting fixtures, repainting the walls, investing in better technology, expanding the store, and plenty of other things.
(Bonus Read: Your Macomb County Real Estate Options: Retail, Industrial, and More)
Think About the Costs and Your Budget
Last but not least, you need to take into consideration the costs of remodeling and renovations. If the costs of remodeling your retail store are more than the cost of leasing a space, or buying a new store, then it’s best to move your store entirely.
As mentioned in the first point, the success of your retail store depends on its location. If it’s more feasible to move your store, then it’s time to consider that as an option.
Remember that renovations and remodeling can add to more than 15% of the costs.
If moving your store is an option you’re considering, Macomb Commercial Real Estate can help you. Browse through our listings in Macomb or feel free to connect with us to learn more.