Pop-Up Retailing: The Temporary Shop Phenomenon
Pop-up retailing refers to a company or brand setting up shop for a short period of time. Consumers only have a day to several weeks to get their fix before the store closes until further notice, or moves on. Far from a fad this short-term retail strategy has been included in the marketing repertoire of big brands and small businesses alike.
The benefits of pop-up stores appeal to any retailer. Climbing rent prices hinder small businesses looking to set up a brick and mortar retailing presence. Renting a retail space temporarily offers all the advantages of a regular store, without the long-term commitment. A pop-up solution also allows businesses to test products, locations, and markets and build a customer base. The ubiquity of social media ensures that once an exciting new store ‘pops-up’ the word gets out fast, which means there doesn’t have to be a large advertising spend to support a pop-up store. The pop-up approach works because the notion of a temporary shop creates a sense of exclusivity and urgency, culminating in a pressure to buy.
The pop-up retailing model extends to food and beverages too, with the rise of the humble food truck as a hip eating out alternative. The mobile food concept has evolved past just coffee, ice cream, and hot dogs. Food trucks can be seen dishing up delicious gourmet fare at one location, and then moving on when the crowds disperse.
Thinking about trying your hand at a bit of temporary retail? Check out our top three tips for a successful pop-up store:
1. Location, Location, Location: Make sure there’s plenty of foot traffic around your potential pop-up store and the local demographic is likely to be interested in your brand. The best locations tend to be in vacant retailing spaces, but do your research and make sure the landlord is open to a temporary lease arrangement.
2. Get Your Payments Sorted: With New Zealand being the eftpos nation that it is, choosing not to accept electronic payments could mean losing out on potential customers. Opt for the flexibility of a short term eftpos rental - perfect for the short life of the ‘pop-up’ store, or to cover the seasonal needs of food trucks. Choose a portable eftpos terminal, like the WiFi and GPRS capable VX 680, to solve connectivity woes.
3. Leverage Social Media: Make sure you take advantage of a little free advertising! Before your store or food truck is up and running connect with potential customers on Twitter and Facebook to create a buzz. Once you’re in business, watch out for your customers posting about you. Use any print collateral to get your social media accounts out there and connect with customers. Keep your customers informed about what’s happening in-store and make sure they all know when your close date is, and where/when you’ll next pop up.