Remodeling a retail space requires a lot of work and dedication, but can be extremely beneficial in expanding your business and attracting more customers. Here are a few tips to consider to help maximize the success of your renovation.
1. Check to see what needs to be replaced
The first step in remodeling your retail space is to determine how much of the building’s infrastructure can still be used. A good way to cut down remodeling costs is by keeping existing infrastructure, such as plumbing systems, gas lines, electrical panels and phone wiring. Hire a technician or contractor to help you determine whether these utilities are still useable or if they need to be replaced.
2. Hire a reliable contractor and develop a timeline
Find a reputable contractor who will help with the project and adhere to your plans and deadlines. Check references when looking for contractors, this will ensure that you are hiring a reliable contractor who will deliver the best results.
Making a set timeline with deadlines for when specific aspects of your project should be completed is essential. Developing a timeline and having all plans in writing helps minimize losses from sales from not being open, and keeps everyone on track.
3. Plan the new layout of your store
Remodeling a retail space is a great way to attract new customers and expand your business. Take this opportunity to create a new flow and look for your store to maximize your customer’s shopping experience.
Buy and place fixtures and display cases that will effectively showcase all your merchandise, while also easing the flow of traffic for your customers so they can navigate the retail space easily. For example, if you sell children’s products, make sure your aisles and floor space between display cases are large enough to fit strollers between them. Your contractor can help determine the space needed for larger fixtures and areas, such as fitting rooms, storage and bars. Architects can also help with the overall layout and construction plan of the store, and will help obtain required permits from the government for renovation projects.
4. Determine the aesthetic appeal
Color scheme and lighting is also important when planning the overall look and feel of your newly remodeled store space. Choose lighting that will complement the atmosphere and mood you want to create in your store. For example, if you want to have a relaxing vibe, consider purchasing dim lights that can be built into cabinets and shelving units to display your products while also achieving that calm look and feel.
Colors are just as important as lighting, and should be addressed with the same end goal. Choose a color scheme that will go with the fixtures you plan on using in your store, and also pick colors that align with the type of retail store you are.
5. Measure the end results
Making store renovations can be costly, but they can be worth it if the renovation is successful, which is determined by the return on investment. Measuring the success of a remodel will be unique to each business, but there are a few basics that apply across the board for determining profit.
Factor in the initial cost of the commercial property to determine the amount you’ll need to make once the remodeling is complete. Create a sales target on how much you want to generate versus how much you spent on the renovation based on location and average sales for similar store. For example, your target may be to make $3 million in new sales for every $1 million spent on your renovation. Creating a financial plan and goals such as these ahead of time will help maximize the success of the renovation and increase long term profits.
Store renovations show customers that the owner is serious about the success and quality of the store. For employees, working in a well-designed store creates pride in their work and may spark interest from new job candidates. It is worth it to put in time and care with renovations, it can generate a great return on investment and boost the success of your retail store.