Posted by Storefront Team Ã— March 22, 2013 at 8:27 am
Photo credit : Storefront.com
Whether you hear temporary retail, flash retailing, pop-up store, or pop-up shop, it is all one and the same. Pop-up shops are taking over the retail world and rethinking traditional brick-and-mortar and big-box stores, but what exactly is a shop that pops up?
Sighted as early as the 1990s in large urban cities such as Tokyo, London, Los Angeles and New York City, pop-up shops and pop-up retail are temporary retail spaces that sell merchandise of any kind. That's right, just about every consumer product has been sold via a pop-up shop at one point in time. From art to fashion to tech gadgets and food, pop-ups are exciting because they create short-term stores that are just about as creative as they are engaging. And they come in all shapes and sizes.
Term: typically a 3 days to 3 months.
Location: high foot traffic areas such as city centers, malls, and busy streets.
Price: much lower than a traditional store, typically paid upfront.
Use: launch new product, generate awareness, move inventory, vet idea, increase 'cool' factor.
What are the benefits of a pop-up shop?
- Connect with customers: The pop-up retail format allows you to personally get to know your customers and build stronger relationships.
- Sell more: About 95% of all purchases are still completed offline. This is your opportunity to take advantage of the retail channel.
- Build awareness: Consumers and the media love the excitement generated by pop-up shops. Build awareness by going offline!
- It's cheaper: Launching a pop-up shop is 80% cheaper than a traditional retail store
- Test new markets: Easily enter a new market and launch new products