A store redesign is one idea that many retailers have thought of a few times, if not often. Since setting up shop, there could be a number of things you’ve observed that need improvement.
For instance, you might have noticed your storage racks could accommodate more products or your lighting fixtures are not as energy-efficient and makes the store look a bit dreary.
Whatever the issue, there’s a good reason to seriously consider shaking things up and embark on a store redesign project. This is no small feat, however. To be successful and to come out of the project without breaking the bank, take some time to step back and carefully consider the endeavour at hand.
Identify the purpose
While most remodelling or redesign efforts may be geared towards improving overall customer experience, others are focused more on other aspects like employee safety and government compliance. Ask yourself why you’re considering such a project and clearly identify the purpose behind it.
If your aisles are too cramped, this may discourage customers from having a convenient time visiting your shop and examining products. You may need to invest in new racking solutions and re-position some shelves for better use of space.
Customer experiences like this are good reasons that can justify a redesign. Without foot traffic, customers won’t see what you have to offer and revenue goes down.
What’s the vision?
Having defined the purpose, the next important consideration is the vision of what your store layout will look like. You need to visualise how all the elements will take shape, even if it’s just a rough sketch at the moment.
This is where you will most probably require the advice of experts like lighting contractors, architects, pallet racking professionals, and more. These people will help translate your vision into something more tangible. They will also be helpful in grounding your goals with reality and identifying what is doable or not.
While thinking of the big picture is important, don’t shy away from getting into the details. If you know your products don’t look fresh or appealing to look at, you might have specific ideas on stock display improvements, whether it’s acquiring glass door refrigerators of industrial quality or utilising a more appropriate style of flooring.
Having professionals to support you with the finer details doesn’t prevent you from making direct inputs.
Be realistic with your finances
If you’re not careful, redesign project costs that involve either extensive or minimal renovation can easily soar to untenable levels. As such, you need to consider all your financing options and identify which ones are the most ideal for the situation.
If the improvements involve significant expenditures, contact your bank and explore multi-year loans with manageable interest rates and monthly payments. Depending on what type of remodelling you’ll be doing, a three- to a five-year loan is one option to consider.
Review your credit rating as well since this will impact the likelihood of loan or financing approval. If your business has been mostly in the black and you haven’t had any major liabilities or foreclosures, then you’re in a good spot.
If you do find yourself on the fence with any of these three points, then it’s not advisable to push forward with a redesign or renovation — at least at the moment. Timing is important and a savvy store owner must be vigilant when all three are aligned.