The Covid-19 pandemic has ravaged the economy world over and the effect is evident in the number of businesses that have been closed. The effect of this is an increase in the number of empty storefronts of England’s capital as well as the significant drop in rent. Many businesses are frowning upon the idea of opening a physical location for their businesses.
But did you know you can take advantage of the retail space available in London to give your business the much-needed boost? You can tap into the power of a physical store by setting up a pop up store in retails space for rent London for a short time. Retail space is affordable compared to the rent you’d pay for a permanent store.
Why Should you Take Up Retail Space in London?
Pop up stores are temporary businesses that you can set up in a rented space in empty storefronts and other strategic locations in London. Some of these stores often end up becoming permanent. There are many benefits of taking up retail space for lease london to set up a temporary store. They include the following:
Plug into the larger city economy. Empty storefronts are nothing to smile about particularly for the owners of the buildings. At the same time, landlords are not usually ready to sign away a long-term lease and get stuck. While your business gets to plug into the larger economy where you interact with your customers at a more personal level and even get their feedback on your products, property owners can make money albeit on a short-term basis.
Inject an air of excitement. A neighbourhood that is dotted with empty stores usually ends up with a gloomy look. On the contrary, when you have new businesses are popping and disappearing from time to time, the city gets a fresh and energizing feel. Consequently, this draws the attention of potential and existing customers to your business.
Low risk for startups. One of the challenges that new businesses face is the high startup costs. Renting retail space for rent London makes it possible to launch your temporary store at minimal costs. This means you have a chance to try a new business idea to determine if it is viable before investing in a permanent brick and mortar store.
Strengthens the local economy. Although the nature of pop up stores is that you can only run them for a short while, some usually end up being permanent stores depending on their performance. If yours is one such business, you end up creating a positive cycle that strengthens that local economy. This means more jobs, a rise in the value of the property as the city becomes a desirable and healthier place to live.
Making the Retail Space for Rent Work for You
For you to dominate the retails scene and reap the benefits of retail space for rent, you need to organize your store strategically. Here are how to make the most of rented retail space in London:
Choose a suitable location. You must be aware of the audience that you’re targeting and where to find them. This is where you should look for space. An ideal retail space for your business should attract enough targeted foot traffic. This could be anywhere in vacant buildings, public places or oversized parking lots among others.
Choose an ideal time. Again, when you know your audience you will also know when you can expect them to come by the pop up store. For instance, college-going students may only be available outside their class hours.
Promote your store. You need to put some effort into promoting your pop up store across different online and offline channels to spread the word about it. Sustain the hype during and after the launch of your even so that you continue to enjoy the publicity and in-person customer engagement.
There are many things you can do with retail space in London but setting up pop up stores stands out. This is because of their temporary nature that creates a buzz both online and offline while driving sales before they disappear. This energy can transform the neighbourhood for a long time. The main advantage of taking up retail space for your business in London is that it has the potential of growing your business into a thriving permanent local business. This will eventually contribute to growing the economy of the city.