newsXpress helps local newsagents to run more engaged, interesting and fun retail businesses. We do this in many ways, helping local newsagents to discover the new and exciting.
When it comes to pop-up retail, we have plenty advice for newsagents including:
LOCATION.
With a pop-up shop you don’t have time to find your customers. The location needs to already have good traffic passing daily, traffic you can easily leverage. Even more so than in fixed-location retail, location is critical.
The best locations are shops that have good passing traffic that is of interest to you and that have been vacant for a while where a landlord might be happy with something rather than nothing.
OCCUPANCY COST.
Negotiate the lowest rent cost possible. Some landlords see pop-up offers as a reason to charge a premium. Only sign up for a price you are 100% happy with. If it is expensive and does not work financially, don’t sign hoping it works out, because in retail it rarely does work out better. In a pop-up business you have less time to see if it works out. Also, preferably, no contingency deposit.
LABOUR COST.
Staff the business with a lean roster. This shop is about selling. that means, products placed for a price proposition rather than beautiful displays that take time to maintain. Every staff member is there to sell and maximise revenue from every shopper visit. There is no room in the roster for fat.
FIXTURES AND FITTINGS.
Don’t spend a cent on fixtures and fittings. That needs to be your starting position. It’s a pop-up shop. People expect it to be efficient, cost-effective. Using tables and boxes adds to the feel of the shop feeling low-cost and that can help drive sales. Suppliers can be a good source for loaned fixtures.
INVENTORY.
Ask suppliers to offer consignment stock or special clearance deals they’d like to move fast. Go for items that can be sold out of a box, to make display and ranging easier. In-box displays of particularly cheap items can work very well.
PRICING MODEL.
Price to sell. This means being below usual retail. Price to understandable price points. For example, you might have a $10 table, a $20 table and so on. Consider bundling items into packs, which make price comparison difficult.
PROMOTION.
Don’t spend money on sign writing or marketing. Use social media and bargain websites and anywhere similar where you can list the store and its products.
Host an opening party. List this as a local event on Facebook.
MANAGEMENT MINDSET.
Your mindset in managing the pop-up shop needs to be different to a fixed-location retail situation. Pop-up shops are about low cost, low overheads, low prices. Be ready to do deals. Those working in the pop-up shop needs to be different to how they would be in the fixed-location retail business.
SPEED.
You need to move fast. From the moment you sign a lease or agreement, the clock is ticking. Ideally, you’d open within 24 hours and when you are done, closing and clearing out the shop is done in 24 hours or less. This is all about maximising the time for income-production.
Newsagents are ideal retailers to create and run local pop-up shops.
newsXpress is grateful to support local newsagents to be smart, engaged and fun local retailers.
