Setting up a retail store is not cheap. In the UK, the average cost of shopfitting is between £60 and £140 per square foot, depending on the type of store and the spec. American entrepreneurs pay even more. Typically, they pay between $194 and $250 per square foot for a shop fit-out.
With prices like that you really cannot afford to get things wrong. Stripping an area out and starting again can add many months to the time it takes for your start-up costs to be covered by sales. You need to get your design right and it is critically important that you only buy the equipment you need to get started. Here is an overview of what you will need.
A way to display your goods
Displaying what you have to offer in an attractive way that makes it easy for customers to find what they want is your priority. To do this you will need one or a combination of the following equipment:
- Tote bins
- Isle units
- Floor standing display units
- Counter top store display kit
- Pop displays
Which you choose is up to you and this is not an exhaustive list. So, choosing the right display units for your first retail outlet can be a daunting task. If you are unsure of what you need this in-depth article will be helpful. It goes through each of the seventeen most widely available in-store display options and explains what types of goods each one is designed for. Armed with this information it will be easy for you to make the right decisions.
That product display unit article also touches on the subject of lighting. You need your goods to be lit attractively, but do not want to end up spending a fortune on electricity. It is a fine balancing act. To find out how to choose the right earth-friendly lighting for your retail outlet, go here.
Effective ways to promote what you have to offer
Regardless of what type of retail outlet you run, in-store marketing is important. Without it, you are going to miss out on sales. Using digital signs is a highly effective way to show customers your offers and tell them more about the products you sell. There are lots of ways to use digital signage. Just click the link to get the ultimate checklist for retail stores to help you to get the most out of yours.
Equipment that improves the shopper’s in-store experience
You want the people that shop with you to feel comfortable. Little touches like having a couple of seats available make a huge difference. Choosing good quality baskets and trollies is another thing you need to pay attention to. For example, having some trollies that are fitted with two child seats rather than one will make a huge difference to families.
Good lighting and clear signage will help people to navigate your store and the products that you sell. Little touches like including a shoe horn by the footwear display and having a few mirrors strategically placed all signal to your shoppers that you care.
Making it easy for your customer to pay
Deciding which Point of Sale (PoS) equipment to use is a key decision. It needs to be intuitive, conduct transactions without lag and make it possible for customers to pay in as many ways as possible.
You should also look for a system that has stock inventory management already built-in. If you are already using a brand of stock control and ordering software, make sure that it is compatible with the PoS that you buy. When you do so, much of the reordering process becomes automated. This saves you time and also keeps your customers happy. It ensures that they can get what they want and gives your sales a boost.
When two Harvard researchers pulled together data from surveys carried out in 29 countries, they discovered that up to 41% of customers say that an out-of-stock caused them to walk away from the store. That is a lot of lost money, which is why when buying a point-of-sale system you want something that records transactions accurately and triggers reordering efficiently.
The above are the basics. You will normally need a few more things, but that depends on what your retail outlet sells. If you are not sure what else to buy speak to others who run stores that are similar to yours. Trade associations and online retail magazines are particularly good sources of this type of information.