Your retail store should always look fresh and new so that it will look inviting to customers. Every retailer has a wish list of changes to their store, so getting a renovation refresh could be a good idea. But there are a few things to consider before you take a sledgehammer and start changing things. This article lists some items you should take into account when refreshing your retail store and why you should hire a renovation contractor to help you update your layout.
Keep reading to find out which things you need to consider when renovating your retail store.
Why Are You Renovating?
The first step to your renovation should be to consider why you are renovating. Do you want to update your space and make it feel fresh? Do you want to utilize space better? Do you want to widen your aisles and make space for new merchandise? Or, do you just want to refresh old flooring and fixtures? Whatever your reason is for renovating, make sure you have a clear goal of what you want to accomplish, including putting a plan together and a timeline to help you avoid unforeseen costs and delays.
What Do You Want the Store to Look Like?
Another important factor when renovating your store is what you want it to look like. This is where you might consider getting professional help, like a retail renovation contractor. They will be able to help you figure out what the store needs, something that might be difficult to do unless you’re a designer or contractor. They will help you decide if you need an architect, a lighting expert, the building permits you will need, and even the best store layout.
This doesn’t mean you shouldn’t have a say in what the store looks like, because you definitely should. You should also consult your employees, as they can provide valuable input since they are on the front lines of the space every day and know the ins and outs of it. They know what works well and what doesn’t, and you have the vision of what you want the store to look like. Your retail renovation contractor can help you smooth out the kinks and make the planning stage much simpler.
Cost is always a vital part of a renovation, which is why this next point is so important.
Anticipate the Renovation Costs
After receiving construction bids and figuring out the renovation contractor costs, you need to determine how much your total renovation will cost. There is always a 10-15% additional cost to a renovation, so take this into account. The pricing will also change if you need to consult an architect or an engineer, a lighting expert, or electrical fixes and any city permits. If there are plumbing changes, there will also be an added cost. Your retail renovation contractor can also help you figure out all these costs and give you pricing up front.
How Will the Renovation Affect Your Business?
When beginning your renovation project, you need to figure out the cost of remodeling against whatever increase in sales you anticipate. The right remodeling job can definitely increase your sales. Customers tend to spend more in a store that looks good and of quality, as well as updated and stylish. Renovating can also create a buzz around your store that can attract new customers and generate excitement from your existing customers.
You also need to take into account how the project will affect your business while the renovation is ongoing. Unless you plan on closing during renovation, a construction project may affect your business. Many customers may be turned off by construction and will not want to come in, especially if it is dusty and messy. Make sure to take this into account and check if your finances can take it.
Some retail renovation contractors are able to work after hours, making it easier for your store to stay open during the renovation. Retail renovation contractors are experts in retail work and know how to keep a store clean, so merchandise can be put back quickly to get the store open on time, so make sure to talk to your contractor about this option as well.
Think of the Competition
When you renovate your retail store, you are offering your customers a fresh and creative shopping experience, something that your competition may not be doing. You’re sending your customers the message that you believe in your store and its future and your competitors get this message too.
Thinking ahead is always a good idea, so keep this next point in mind.
Think About When You Will Need the Next Renovation
We know you haven’t even finished this renovation, so why should you think of the next one? Keeping in mind when the next time you could or should renovate will help you during this one. You can decide to make all the improvements you can or leave some that are less urgent for the next time. Also, keep in mind that retailers should plan on refreshing most high-traffic areas every 3 years. This is to avoid customers noticing the environment looking shabby or old. A bigger renovation should be done every 5 to 7 years.
When thinking about refreshing or renovating your retail store, keep these things in mind. We hope they have been helpful to get you on track to start your next renovation project and to consider hiring a retail renovation contractor. Good luck with your project!
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Sources
https://retailminded.com/what-to-consider-when-renovating-your-retail-business/#.XiG_6lNKj5Y
https://blog.sweeten.com/commercial-reno/commercial-guide-retail-renovation-budget/
https://chainstoreage.com/store-spaces/store-improvements-remodels-refreshes-and-more
