If you are thinking about going into business as a retailer, but are concerned about the commitment to paying large amounts of rent and rates every month, then you may want to try a more flexible approach.
Many businesses adapt their styles to incorporate new business models. Having the ability to open shop wherever they want, and anytime they need it, allows savvy entrepreneurs the ability to react, and be proactive. The nomadic business model can observe shifting consumer trends and be less beholden to market desires.
Following the economic downturn a decade ago, many retailers went insolvent. Since then, many big and well-established brands have also gone out of business. High rents and unyielding levels of business can be a big problem in highly competitive industries.
Thus, a business model that doesn’t depend on offering long-term leases is optimal. There are many ways to accomplish this, while at the same time, creating a recognizable brand, putting great products in people’s hands, and provide exceptional service.
Niche Circuit
There is a growing trend for niche markets, exhibitions and conventions. These types of events will open in every major city and city, and will attract large crowds of visitors intent on buying land that suits their interests. Vintage fairs, comic conventions and food markets are all places that have shown increasing levels of success in last few years.
Delivering the right product mix, a payanywhere card terminals, some nifty portable signs, and your impeccable customer support style means you can build your brand at a wide range of different events across the country.
If you operate an online store as well, you’ll have the ability to promote it through such events. This means you’ll grow your reputation and potential repeat habits.
Pop-Up Shop
Vacant units cost landlords dearly. Not only does it affect the retailer trade that surrounds it, but it can even mean that there are tariffs to be paid for vacant properties. It’s in no best interest to leave this blank. But with the challenges facing retail, it is difficult to get companies to commit to long-term leases.
With this sort of problem facing them, many landlords will allow very short leases potentially as little as a few months. This may additionally be at a considerable discount. This lets you open your shop during peak trading windows, such as around Christmas.
Using basic shop supplies, and a few easy-to-install, transportable fixtures, you can set up your shop in days. The sooner you are ready to trade, the better, because your lease is just a brief one.
Again, pop-up shops can be useful for brand building and driving customers to your online store.
