Is a Popup shop right for your business?
What is a Popup Shop? A Popup Shop is a temporary retail establishment, or a dining event. How did this trend become so widely popular? Because it’s more than just a “Popup Shop” it’s unique customer experience. Brands are able to bring their products to their customers. The overhead expenses are by far less expensive than owning a long-term retail space. You have the flexibility to scale at a pace that benefits your business.
A Popup shop is the perfect opportunity to “test” a business idea or products with hardly any commitment. The pop-up industry comprises of about “$50 billion in sales every year, according to an analysis conducted of various pop-up sectors, using approximate sales numbers provided by the U.S. government, trade associations or third-party organizations.” –Independentretailer.com
This includes “farmer’s markets at $8 billion, flea markets at $30 billion, food trucks at $1 billion, yard sales at $1 billion, and pop-up stores, festivals, crafts and classes at close to $10 billion. “-Independentretailer.com
The great thing about Popup shops is that you can collaborate with other brands which in turn will raise brand awareness, expand your reach, increase your sales and revenue. Take fashion powerhouse Louis Vuitton for example. The luxury brand opened it’s very first men’s popup shop in the Italian Capital of Milan. The temporary store will feature its men’s Spring/Summer 2017 collection featuring artwork from The Chapman Brothers. The Popup store opened January 14, 2017 and ends January 29, 2017.-highsnobiety
Prior to starting a Popup Shop, think about the business concept behind your idea. Start by writing a business plan. Think about who your ideal customer is? Who is your target audience? What kind of shopping experience will your customers expect while visiting your store? Where will your store be located?
Next step: legally forming a business. Choose a business name, register your business and apply for a business license.
Purchase a website, business cards and email address, supplies and a Point of Sale System
Choose a location that’s easily accessible for customers and is in area where your customer shops.
Create and market your business on social media using services such as Canva.
The possibility of owning your own Retail store can very much be a reality. Even if you’re an online store, a Popup is perfect for a temporary store front. "94% of total retail sales are still generated in brick & mortar stores". -INTERNETRETAILER.COM
You can capture a great deal of your business in-store and online. While it isn’t necessary to have an actual store-front, the Popup shop idea is for brands who are looking to expand their businesses. For information about how to start, launch and build a profitable Popup Shop click here.
