Almost every shop store, at some point in the future, will require a refurbishment or shop renovation to keep up with modern demands. It takes about 8 to 10 years on average before business owners renovate their store and despite the temporary loss of productivity over the refurbishment period, there are significant gains to be made once the project is complete.
A shop refurbishment offers plenty of benefits for owners who are looking to bring life into their aging establishment. If you need a bit more convincing, here are 5 reasons why you should consider refurbishment today.
1. Potential for increased sales
Customers love spending time in a store that exhibits a modern design. The products look more premium, the entire shopping experience feels more high quality, and the overall ambience just feels more inviting. By offering a great in-store experience, you can help foster brand loyalty and encourage your customers to make repeat purchases.
Renovating a shop store also adds to the excitement for first-time buyers. It generates plenty of interest which can divert foot traffic to your establishment. There’s a reason why successful shop owners invest in the renovation because it shows they have faith in the longevity of their business. This makes customers feel more confident to shop inside their store and enjoy the shopping experience altogether.
Studies show that small, independent retail stores can expect a sales increase of around 43% for new customers and 7% for existing customers. The numbers are also similar for larger establishments with a 44% sales increase for new customers and around 10% for their existing clients. While the investment returns may take a couple of years to recoup, the returns are well worth it over the long term.
2. Enhances employee productivity
Your employees are the lifeblood of your business. Thus, it’s important that you set them up for success by creating a work environment that’s optimised for efficiency. A shop refurbishment can make employees feel inspired to get after it. The increased enthusiasm on working inside a shiny new shop store can yield incredible results especially when the whole team takes on a collaborative effort.
An attractive shop store also draws in the best shop talent which is huge if you want to have a leg up above the competition. With a team of motivated individuals that are eager to be productive, the net result translates to better income for your shop store.
3. Space-efficient design
If you notice that your store’s sales are declining, perhaps you may want to look into how your products are presented. Maybe it’s because the shelves are overflowing or that the store layout is just inefficient that it’s affecting customer flow. A good renovation allows a shop owner to reorganise their space and present their products in a way that’s appealing to customers.
A lesser-known benefit of a good shop refurbishment is that it reduces the risk of shoplifting. Not only will employees have a better view of the customers, but the store can incorporate newer security technologies to better monitor customer activity as well.
4. Reduced energy costs
Energy costs are a significant expense for any shop store which is why any changes made to lower these costs are highly welcome. The green market is expanding by the day and with more and more energy-efficient products coming out, it’s a shame to not incorporate them into your store. A shop refurbishment enables you to install better insulation, change your lighting to LED lights, and make use of environmentally-friendly materials to help lower your energy bills.
Renovating your store also means you can add newer appliances with improved efficiency ratings. Even installing tapware with a high WELs rating can make a huge difference in terms of cutting down your annual energy expenses.
5. Stay ahead of the competition
It’s no secret that the shop space is competitive in nature. However, when was the last time your competitors renovated their store? If it’s been a while, then now is the perfect opportunity to overhaul yours and maintain your lead in the industry.
Renovating is one of the best ways to stay relevant in shop. Even the smallest of businesses need to solidify their brand image and updating it every few years is key to establishing your position. You may even win over some of your customer’s competitors whose stores are just bland and outdated.
Keep in mind that a shop refurbishment is a significant investment, one that you want to make the most out of to help maximise returns. That’s why you should work with industry professionals that have ample experience and expertise in delivering a successful renovation. With Bo Renovation, you can achieve your dream shop store in a way that’s timely, professional, and functional.
We pride ourselves on the quality of our work and with decades of experience under our belt, our remodelling experts know what your store needs to be a successful shop juggernaut. For more information on our services, feel free to contact us and we’ll get back to you as soon as possible.