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Thinking of remodeling your retail business? Giving your store a facelift can help you increase sales and boost employee morale. Here are a few things to keep in mind before you take on the project:
Keep Customers and Employees Informed
It’s always best to undertake a remodel during an off-season to minimize disturbances to your business and to your customers. If that isn’t possible, try to schedule construction during evening hours after your shop has closed for the night. One of the most important elements to a successful remodel is to ensure both your customers and your employees stay informed. Keep everyone in the know and help customers be prepared for a different shopping experience by announcing your remodel via social media and email. Make sure to communicate with employees so that they understand how the remodel will affect their work schedules. Just letting people what inconveniences they can expect will go a long way in maintaining customer and employee satisfaction.
Plan to Make a Lasting First Impression
Try to envision your customers walking up to your remodeled store and what you want to convey when they enter. According to Shopify, “When a prospective customer first walks into your retail store, they make a subconscious judgment about your brand and product within 90 seconds. To complicate matters further, 52% of shoppers don’t return to a store if they don’t like the aesthetics.”
With so little time to convince them, consider the first impression you want to make on customers. Before they enter, what can you do to you freshen up the exterior? Would your brick-and-mortar benefit from new paint, fresh plants, or redesigned signs? Will you have eye-catching window displays that appeal to potential shoppers and attract them inside? Remember, if your business doesn’t look inviting on the outside, no one will want to come inside.
Once people step foot inside, you want to hook their attention and encourage browsing. They should be met with freshly painted walls and a layout conducive to shopping.
Choose an Interior Layout That Works for Your Specific Business Needs
Now that customers have entered, do you want them to follow a certain path for quick and easy shopping? Or would you rather have more of an open floorplan creating an exploratory and leisurely shopping experience where people can freely browse your merchandise? A small grocery store may want clearly marked aisles with well-stocked displays to allow customers to quickly find what they want. But a specialty boutique may prefer a more free-flowing layout without overcrowded shelves. Having plenty of room for customers to browse without bumping into each other and a strategically power wall display to grab their attention are both better options for these types of shops. Each business has its own a unique model and specific goals, so keep those in mind when designing your new floorplan.
Focus on Lighting
Many businesses underestimate the importance of having proper lighting. One recent study found that lighting designed to create an experience boosted sales by 12%. Much like the layout of your store, you want to consider the type of ambiance you want the lighting to create when entering. If you’re looking to create a warmer and more inviting feel, ditch those old fluorescent lights and replace them with a few floor lamps and LED lights. You can use spotlights to showcase key products or backlights to give the merchandise a warm glow. Making a few simple lighting upgrades is a surefire way to transform the feel of your store.
Set a Budget and Secure Financing
Before you begin your project, try to create a list of everything you’d like to do and how much it will cost. Separate your list into must-have items and nice-to-have items in case you need to remove something if you think you may go over-budget. Renovation projects rarely go as planned and unexpected costs can quickly add up. So, try your best to set a realistic budget that allows for a little wiggle room in case unforeseen expenses pop up. Next, analyze your finances and try to determine how much financing you may need. A small business term loan or business line of credit can help you secure the funds you need to make the most of your project.
Ready to Remodel?
SBG Funding can help you seize opportunities and scale your business with access to financing that is not limited by the same time-consuming, stringent regulations as traditional banks. For more information about how we can help your business grow, click here or call us at (844) 284–2725.
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