With the outbreak of COVID-19, many businesses have suffered dearly due to the subsequent quarantine forcing them to shut their doors while the rest of the world outside are confined to their homes until further notice. This has put an understandable strain on countless businesses worldwide, but none have suffered immensely as the brick & mortar establishments of stores all over the world. With long-term lease costs having been a standing problem already for many establishments, this pandemic has been a rough push in the direction of change unlike any other. While COVID-19 isn’t expected to last forever, the fact remains that the evolution it has affected will be the long-term norm for years to come.
You’re probably wondering what this new normal will be like for stores worldwide now that the pandemic has caused a shift in how businesses must operate to remain successful. According to retail experts Proxima 360, the reality is that the new trend is likely going to be that companies will turn to a ‘pop-up store’ strategy to more strategically place their in-person locations to ensure they reap the benefits of them to their full extent. With the numerous businesses that have filed for chapter 11, this strategy has become a popular and attractive option for those who are fighting to stay afloat thanks to the pandemic. With this rise in bankruptcy, change is called to keep the retail industry thriving, and pop-up stores are the answer.
Pop-up stores are relatively simple; the concept behind them is that they are a ‘test drive’ for businesses to check how economically beneficial a location will be. Pop up stores work similarly to temporary establishments. They’re set down to test the popularity, demographics, and overall traffic that comes through a location in any given area to allow for businesses to gauge how effective and beneficial committing to a site will be.
This model is especially useful in this era of changing business, as e-commerce has become a hot topic for many consumers who use services such as Amazon and Uber to get what they need without having to go and pick it up themselves. These businesses are thriving, of course, but they aren’t without their faults. While online shopping is trendy and practical, it poses the notion that customers don’t get to see the products they’re buying in person. They’re only offered images that aren’t always the most effective means of showcasing a product’s in-person detail. Businesses thrive on their ability to sell, and where online shopping falls short, pop-up stores could make up for by providing customers with an in-person location to test before they buy.
These pop-up stores provide an excellent way for customers to get hands-on experience with the merchandise they could potentially purchase and give them a clearer picture of what they’re buying. Proxima 360 CEO Anil Varghese, predicts that coupled with the other benefits of usage as well as the weakened stability of the Brick & Mortar model, it’s very likely that over the next five years or more, the idea of brick and mortar stores may become a thing of the past as businesses move to the more mobilized model of conducting retail. It’s more cost-effective and looks to help companies evolve into the future of retail shopping worldwide.
(Syndicated press content)
