Many online as well as brick-and-mortar brands have been using pop-up stores to good effect. Here are eight reasons why you would want to launch your own.
1. New sales channel. Cross sell across different channels. Brick and mortar stores have been shown to boost online sales. Many online brands such as Zalora have used Pop-up stores to great effect.
2. Brand Exposure. Pop-up stores can allow you to reach out to a different demographic or segment of customers.
3. Create a new experience. Pop-up stores can be used to create a more engaging experience for your customers. Tell your story in a unique way that will allow you to reach out to your customers in a different light.
4. Brick and mortar stores still matter. 56% of Singapore’s shoppers claim they prefer shopping at physical stores rather than online. 85% shop in stores at least once a month. Only 4% of clothing and footwear are bought online. As can be seen, while e-commerce is on the rise, retail sales are still strong in Singapore and should not be ignored.
5. Seasonal goods. Pop-up stores are perfect if you are selling seasonal or limited time goods. You won’t need to rent the space for any longer than necessary.
6. Test an idea. Pop-up stores allow you to test your idea before you make any major commitments such as opening a permanent store. The feedback and learnings from real life customers will be invaluable for fine-tuning your business idea or operations.
7. Launch fast. Pop-up stores allow you to bring your ideas to market faster compared to permanent stores. Do away with lengthy rental negotiations or costly and time consuming renovations.
8. Do away with long term commitments. Pop-up stores allow you to commit to a much shorter rental period instead of the standard 2 or 3 year commitment. With monthly retail rents reaching $30-$50 psf, rental leases are often the most significant commitments for retail businesses.