The concept store is an evolving retail model for today’s new generation storekeepers. They are ideal locations to find a host of independent brands with a shared vision. Sharing a storefront with another company through a concept store can often be a more cost-effective means of taking advantage of brick and mortar retail sales for your company, particularly if you use a smaller temporary retail space. But there are also other benefits that make concept stores more attractive than traditional shopping centres. Let’s look at a few of these.
Concept stores offer a unique opportunity for building brand awareness. With no overheads to cover, the storeowner has complete flexibility in choosing what products to display and where to put them. A well chosen concept store will present the retailer with one or more different routes to promote their brand. Retailers can set up pop-up counters, feature occasional promotions, or even have store-within-a-store displays to give their brands a real foothold in the consumer psyche. This flexibility is important for small brands that don’t have the budget to invest in high end advertising campaigns, or the wherewithal to create a physical location to showcase their product or service.
Convenience is the by-product of the modern retail environment. Concept stores can help retailers avoid common pitfalls such as long queues, crowded aisles and frustrating discounts. Modern technologies such as WiFi, wireless tablet screens and smart phones offer quick and easy access to a retailer’s offerings. As consumers become more accustomed to online shopping, they will also expect to find their purchases delivered directly to their homes. As a result, the speed of an online transaction is of paramount importance to the modern retailer.
There is a great deal of planning that goes into a successful concept store. The layout must be functional and aesthetically pleasing. Customer experience and satisfaction are critical to both the success of a campaign and its longevity. With the help of an experienced concept store designer, a retailer will have the tools necessary to produce a store that will increase store traffic and generate sales. From concept planning to browsing pricing to promotions, the planning process is extensive.
In today’s economic climate, every retailer needs to implement cost-effective strategies to ensure financial security. A successful retail strategy is predicated on cost effectiveness and a focus on delivering a first-class product at a fair price. As retailer’s transition to digital channels of product promotion and customer acquisition, a concrete understanding of the best way to implement strategies such as creating a concept store, leveraging social media and developing the store branding can make all the difference. The creation of a store must be planned from the top down and optimized for optimal performance. Conceptualizing a store, evaluating growth opportunities and developing a brand growth strategy will ensure that your brand growth strategy is a success.
For many retailers, cost effectiveness is the single most important factor when determining whether to create a concept store or not. A lack of funds could force a retailer to abandon their concept store initiatives altogether. A lack of available funds could also result in a costly mistake such as opening a concept store that will not generate the desired traffic volume. Either scenario would result in financial ruin for the retailer. There are several affordable concepts and retail outlets that offer an extremely high return on investment.
