Retail is an incredibly competitive industry, and the market is only becoming more squeezed with increased competition from online retailers. Fortunately, there's one unique benefit that brick-and-mortar stores can still offer – the experience of browsing in a well-designed, welcoming space.
Let's take a closer look at some of the essential characteristics every great retail property needs to have.
First things first, every retail location should have an eye-catching design that entices customers into the store and keeps them engaged while they're browsing. This starts with the exterior, and particularly with window displays and signage.
In busy areas, shops only have a few short seconds to convince passing foot traffic that their products are worth checking out, so it's vital for your retail space to have a unique visual style that stands out from the competition. Regardless of whether that's a themed window display or a large, easy-to-read sign, the benefits are extensive, ranging from increased customer numbers all the way through to a more clearly defined brand.
While eye-catching design is a great start for a retail space, it's important not to rest on your laurels and leave things unchanged for too long. The best and busiest retail destinations recognise a need to keep things fresh, with seasonal themes in clothing outlets one of the most common examples of this approach.
To ensure your business is constantly evolving based on what consumers are experiencing in their own lives, it's vital for your retail space to offer enough flexibility to change things up. That means having plenty of room to rearrange your products, as well as the ability to change the visual appearance of your store through different decorations or even new coats of paint.
Finally, and perhaps most importantly, a great retail space should be designed around the customer's journey. There's not much point in attracting lots of potential buyers into your store with a great window display if they can't find what they're looking for once inside. Accordingly, make sure that your store is laid out in such a way that every area is clearly visible from the entrance, and that there's a clear path to purchase with minimal queuing.
If your retail space doesn't meet these standards, it could be time to renovate. Alternatively, as a tenant, you may want to see what alternative properties are out there. To start your search, get in touch with the Ray White team today.