Previously, the idea of taking on a small retail space has been approached with caution. There are a significant number of limitations that are associated with compact or even awkwardly shaped retail environments, often those that lead to compromises of storage or efficiency. This wasn’t always an issue for first-time retailers or more casual concepts but, as retail becomes more competitive and the interests of companies change, they are now seeing greater demand.
Retailers, following the international health crisis, have begun to step away from large retail venues, seeking, instead, to take on smaller spaces. This transition, like many, was set in motion long before the pandemic but had not gathered much speed until the coronavirus outbreak forced retailers to reevaluate their operations more seriously. With the support of e-commerce, a store could alleviate the amount of stock needed within a retail space. Brick and mortar stores could prioritise ‘hero items’ on their shop floor, ordering other stock (or asking a customer to do so) online. Retailers also had to find new ways to appeal to customers, offering them an experience that could not be recreated online.
The result has been fascinating, causing even large retailers such as John Lewis, to entirely change their store dynamics. Retailers are saving on their overheads by taking on smaller spaces, being able to establish them in more desirable areas. Larger spaces are being swapped for smaller spaces and retail furniture that once supported merchandise is being exchanged for experiential shop shelving and designs. The compromises of a compact retail space are no longer a disadvantage when compared with the benefits.
Prioritise Aesthetics
It can be difficult to transition from an old fashion approach to retail. Historically, retailers have wanted to ensure that customers could access every item they desired in-store. This often led to densely stacked shelves, at least for those retailers who didn’t have access to large store space.
Instead, new retail culture is about prioritising aesthetics. Products should be displayed in a way that emphasises their quality, with particular emphasis on the strongest variety. Alternatives are better made available online. This allows for a retail design to dedicate its efforts to brand aesthetics and lifestyle associations. Remember, you’re selling the sizzle – not the steak!
Embrace Unique Design
Consistent store aesthetics have long been heralded by many stores and, while they still persist within the likes of Apple stores and similarly established brands, others are making use of locality. Embracing local designs, as well as the unique shapes of various high street environments, can be advantageous to retailers and differentiate regional stores, offering customers a personal considered and interesting experience.
Utilise Technology
If your store space is still relying on clunky till systems and cumbersome security equipment, downsizing your retail space can be an ideal scenario within which to upgrade your technology. Modern systems eliminate much of the space required by their predecessors and can alleviate a store’s space extensively. No longer will large checkout counters be required, nor spacious decompression zones, allowing retailers to more easily occupy smaller spaces
