Pop ups shops and how to use these to grow business
Looking to start or expand a business? Great news. There are clear examples of success stories with pop ups.
You may be warned off about starting a town centre based limited company business, because footfall is falling.
Warned by friends, family and business advisors to tread carefully, as the present and future may not be as bright as you anticipated.
Liverpool is one such success story, for instance.
That city is reversing fortunes.
Pop up shops are part of their success story.
What Liverpool has done
Interestingly, Liverpool has switched make the emphasis from retail to events. Recent research there has shown average spending has risen per visitor. Consequently, numbers in the city centre are accelerating. People typically remain there for half a day or longer too.
Bill Addy, chief executive of Liverpool BID Company, and chair of the Liverpool Visitor Economy Network (LVEN), said: “What is evident from this study is that there are very high levels of satisfaction and enjoyment expressed by visitors to our city centre, which is great news.”
Liverpool is not simply relying though on retail spending to maintain the revival. It is proactively arranging street parties, pop ups in the form of arts and crafts stalls. Because of street entertainment and events, footfall and spending are increasing.
Small business success in smaller towns
There’s other success stories too in smaller towns across Britain. Creative schemes like limited timed free parking have swelled numbers. This has reduced the habit of ordering online because parking is too expensive for a two hour wander.
Stokesley and Yarm in Cleveland have each piloted similar schemes with a result that there are more visitors in both towns, due to this.
The rise and rise of pop ups stores
What is also new to many city centres and towns are pop-up stores, particularly in the food and drink sector.
Typically an online business becomes established, demand increases. The owner realises that their vegan cheeses, their organic wines, their craft beers are hitting a sweet spot with sales. A logical step is to expand into premises, though not always permanent.
Like the move with co-living, where residents share communal areas, food markets and pop-up stores are hitting headlines. While the fashion industry has struggled for a long time to successfully transition looks from the catwalk to stores, pop-up shops have helped to ease this transition. By launching a pop-up store, fans of Savage x Fenty could instantly access the range online, but also go to a pop-up shop to check it out without having to wait for the line to be rolled out across general retailers.
Partridges of London
To grow and expand, you may move from online to a physical base.
For example, Partridges of London, a purveyor of fine food, began holding pop up street markets in 2004 to increase sales. It now showcases its products across 10 specialist marketplaces in London and has seen exponential growth in sales, as brand recognition and footfall increased at its base in the Duke of York Square.
Pop ups are affordable
A pop up shop or a market stall is a relatively affordable way of testing the market and location, without longer term investment. What other pioneers have seen is the same as Partridges – rapid growth through sales and networking.
Customers report that they enjoy the personal interaction with others. They love niche products that they don’t find in supermarkets. Businesses also talk to each other in this more intimate setting of a street. This can have big spin offs too, in that your fare can be spotted by specialists which can lead to new contracts to supply.
A specialist smoked salmon seller, Pished Fish, began on the streets and is now stocked in Fortnum and Mason, as well as Selfridges. This business model contrasts sharply with Jamie’s Italian, which we’ve blogged about before.
Not just London
Don’t think of it as just London based either: we’ve already mentioned Liverpool’s revival.
Edinburgh sees 6,000 additional visitors a day, when a food market is held.
What’s more demand for stalls from sellers outstrips supply and this means that there’s constant change and innovation so customers don’t get that mall ennui.
The rise of freelancing
Freelancing, for instance, is increasing year on year. There are 2 million registered freelancers in the UK currently, with the age group being predominantly between 40 to 59. It’s not “millennials” who are embracing working from home, it’s older age groups.
Also, the number of self-employed freelancers has grown by 66% in the last 11 years alone. Showing that the migration from traditional paid employment is not just a lifestyle choice, but one that brings financial rewards.
Business planning steps
Any business starting out in 2019 needs a solid foundation, a strategy to make it work. You need a plan.
First of all, to develop and grow, a business plan, carefully costed and mapped out with milestones, is often the initial step.
Financing is close behind.
The internet has made self employment possible and lucrative for so many people, men and women alike. A website, coupled with a judicious marketing strategy, combining print and digital promotions means that many businesses can be set up for not a great amount of money.
A physical base, with specialist equipment, may require greater funding.
How to make your idea grow
What we’re pointing out however, here at PDQ Funding, is that companies like Partridges, began with an idea from a small beginning. They have, for instance, gradually grown over 15 years by investing in market stalls in key areas in London.
That success story from Liverpool wasn’t accidental either – providing street entertainment and reasons to go into the city centre were carefully planned to make it a success.
Liverpool’s figures are remarkable.
“The BID said the highest area of spending for day visitors is recorded in shopping – £45, with staying visitors estimating spending in shopping at £59 and a slightly higher amount – £61 – on food and drink.”
If you’ve got a business that you’re looking to expand with food markets and pop ups, you should certainly contact PDQ Funding.
PDQ are experts in helping businesses like yours grow with merchant cash advance funding.
Finally, for a quick quote, you should contact us today.