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A cluttered floor plan, poor lighting, floor-to-ceiling shelving, too much stock on the shop floor, and crowded check-out space- these things prompt your loyal customers to turn away from you and keep new customers at arm’s length. All of it results in dropping sales.
While with the advent of online stores, the brick-and-mortar stores are already having a tough time, these stores can’t afford to lose more customers. Here, retail store remodeling emerges as the best solution.
A retail store remodeling gives a facelift to a dying store by helping them boost their sales. Here is how to plan a retail store renovation.
Determine your budget
The first step in planning a successful remodel is determining a budget. As renovation is a significant expense, you cannot go ahead without a proper spending plan.
Chalk out a strict budget. But, make sure you keep a 10 to 15 percent cushion in your initial budget to deal with unforeseen expenses.
If the renovation expense is going beyond your budget, consider applying for a remodeling/renovation loan.
Search for a good contractor
A contractor can make or break a deal. They can either catalyze the process and help you attain your goals quickly or put you into a trap of delays and rising expenses. Hence, choose the contractor wisely.
Compare their credentials and experience.
Talk to your employees
Before going ahead with the renovation, consult your employees. People who work day-in and day-out at your store know the flaws in the existing plan better than anyone. They will be the best ones to tell you about the shortcomings that need to be targeted.
Ask them for input. They may give you some valuable advice on improving the display, storage, and other such elements of the store.
Moreover, you will need everyone’s cooperation to deal with a large-scale renovation.
Plan a renovation around the existing infrastructure
It is possible to keep the existing electrical system, plumbing, and ductwork intact while planning a renovation. If your current infrastructure doesn’t demand replacement, plan the renovation around it.
Relocating infrastructure can fall very heavy on the pocket and takes a great deal of time.
Determine the timeline
If you plan to run your store even during the renovation process, it is essential to develop a strict timeline. As a retail store renovation can be a long process, it is better to set a realistic timeline.
Talk to your contractor and figure out a schedule that works best for your business. You may have to shut down the store entirely for some time. Have an upfront conversation with your contractor regarding the same and discuss every aspect of renovation.
The bottom line
Whether it’s a part of redefining your brand or a way to amplify sales, a retail store renovation always works in favor of businesses. All you need is proper planning and implementation. We hope these tips will help you in planning a successful retail store remodeling.