With numerous options for types of stores available for your business, it can be difficult to decide what type will be the most suitable to ensure your business’s longevity.
This article will examine the pros and cons of various store-types so you can decide which one will be the most beneficial for your business.
High street store
Renting space on the high street is a good way to make your business visible. It’s a form of promotion to have your brand logo visible on a busy high street and in the eyes of a potential customer, this establishes it as a reputable brand that people are willing to spend their money on. If your business is thriving and you want a physical location, use L.C.P Management Ltd to find your perfect space.
A huge pro of having a high street store is that items can be seen and tried on by customers before they are purchased. This is an important factor for clothing and shoes as visiting a physical store is the only way that customers can ensure the perfect fit and style from their purchases. Also, customers can take away their purchases immediately, without any added costs for postage and packaging.
However, you must consider whether a high street presence will be beneficial for your business. If there are plenty of other similar products on the market, it may be better to set up an online store. Your potential customers may want to do comparison shopping, which is difficult to do on the high street.
The main benefit of shopping online is customer convenience. They can make purchases with the click of a button and from the comfort of their sofas. Consumers are increasingly heading online for this reason, as well as the chance to find online promotions that may not be available in-store. They can find the cheapest deal and have it delivered right to their door.
However, customers are now expecting free delivery on items yet they’re unwilling to wait for their purchases. This could be at a considerable expense to your business and it also imposes tight deadlines to post items – a problem that wouldn’t occur in a physical store.
A pop-up store could be perfect if you are a relatively new business without an established brand. It is a low-risk option for start-ups as spaces are rented for short-term use, giving entrepreneurs a chance to test-drive their product before pouring all their resources into the business
It is also a great way of creating hype around your business and its products as the temporary nature of pop-up stores will create a sense of excitement. If you gain popularity and establish a customer base, your business could go on to be a permanent fixture on the high street.
However, there are different challenges when promoting your physical store, especially if it is only there temporarily, and different skills will be required to run it successfully.
Whether you have an established brand or you’re just starting out as a business, carefully consider what space you want to sell your products in. Each of the different methods in this article have their pros and cons so make sure you select the right type of store to ensure the longevity of your business.