Customers these days have more in the way of disposable income to spend on luxury products and have more places to spend it due to the growing competition from the internet and more modernised customer friendly shops. In the pursuit of a new clientele, have some retailers left their existing customers behind with renovations and refits or is looking for a new customer base key for a companies evolution?
The retail industry is a highly competitive market and individual companies are always on the look out of ways to improve on their customer base. Ideas can range from new product ranges, an in store cafй or mass publicity, but some will go as far as to change their entire image and carry out an internal refit and renovation. There can be many advantages and disadvantages in having your shop fittings removed and having new retail display units put in and it is important that you are aware of these before even considering a refurbishment.
Having a refurbishment can be very beneficial to your business if planned and carried out efficiently. If your display stands are looking a bit old fashioned, then modernising your retail space with new, modern shop fittings can create more of a buzz about your business and potentially boost profits for the foreseeable future. Not only would profits increase due to a new look, but if managed correctly, it may be possible to adapt your retail space to stock and display a larger range of products which would easily attract a wider spectrum of customers.
Attracting more customers is always a good thing as word of mouth advertising is a powerful tool for any company and having a positive reputation will always bring in shoppers, which is especially welcome when close to the holiday periods. Aiming your products or services at a new market can be have its pitfalls as you may potentially alienate your existing customers with your new shop fittings and display stands, as it is your old look after all that attracted them in the first place.
Undergoing a refit or renovation can be a very risky step to take and should only be carried out after plenty of planning and taking these risks into consideration. The first obvious risk to mention is the cost that goes into your shop fittings and retail display stands. You could spend tens of thousands of pounds on display stands but run into issues about size, late delivery and even damages that could push your opening date backwards and some retail display companies can be picky about refunds and replacements, so make sure to go with a reputable company. This is a risk for all sizes of company, but it is the smaller companies that have more at stake if things were to go wrong.
Even the larger well known companies can fail when it comes to grand store openings. The retail chain Debenhams failed to succeed in the German market due to their selection of clothes and drab in-store display stands and retail display units, which proves that good market research is a must for any company. This market research must be done regardless of location and the size of the local population. Taking into account local demographics, local tastes and trends is a must if you are looking to purchase the right shop fittings that will not only attract customers, but keep them coming back.
The most important thing to consider when updating your display stands is to not alienate your existing customers. If aiming for a new market then consider your existing clients as a springboard or base for the future. If you are a clothes shop which has a majority of middle age customers but you are looking to attract a younger market, then it is best to find a compromise between modernisation and style. Bring in clothes and shop fittings to attract the younger generation but keep the style of service and attention that your regular customers are used to.
It may seem that there are more disadvantages than advantages when it comes to a refit or renovation of your display stands but the rewards from a successful change far out weigh any of the possible down falls. Market research and extensive planning is the key to any refit and should even be carried out again once re-opened to gauge the response of your customers.
Innovation and development are the driving forces behind any success story but to achieve this success then there must be equal input of hard work and dedication to truly make it worth while as a long term ongoing project. There are plenty of companies available online who can help you when choosing the right retail
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