When is the Right Time to Remodel Your Retail Space?

Commercial properties such as retail spaces can be sold and bought like residential properties, but they need investment to make sure they are up and running. Unlike residential buildings where the owner only spend in repairing fixtures and plumbing, commercial spaces need to be remodeled once every 7-10 years.

A retail store remodel brings in a 5-10 percent increase in sales. Before retailer shop owners dive into a remodel project, they should consider the following questions: Why remodel? Would it produce a financial return? Is it the right time to consider store remodel?

You must look at the wide perspectives to know what value remodel can bring to your business. A 2003 study has found retail spaces that purchased construction and interior fit out services have been able to grow by 22% in gross revenue.

Another study revealed that the most successful store renovations rely on effective consumer research and must offer experiences that include consumer attitudes, values and shopping habits.

Leverage New Technologies
There has been a paradigmatic shift in the retail industry. Retail business owners are now leveraging new in-store technology to enrich the customer experience, with virtual reality headsets, smart kiosks, cameras and even humble guest Wi-Fi. Now is a great time to invest in these technologies and offer wow factors to your customers.

Color and Lighting Scheme
Choose color scheme that influence customer emotions. The use of brilliant colors makes people want to shop in your store. For instance, if you own a food chain, make sure you use orange color as it triggers hunger. Health stores should use green color as it is related to wellness. Similarly, lighting should complement the environment of your store. Great lighting will help you expertly display merchandise and convince your target audience to shop.

Layout
First impression is the last impression. Renovate your store to attract customers. The aisles and shelves should be such that customers can easily scan through. At the same time, your shelving systems unit should have enough storage capacity and also enable store employees to get through the shelves.

The time has come for retail space owners to transform their commercial space and embrace the new design trends that help them grow their business. So what are you waiting for? Hire a professional company providing construction services and interior fit out and design services and get ready to start your growth journey.