Footfall and Demographic
The best way of avoiding the nightmare situation of setting up shop, only to find no one walks down the street, is to find a location that has the right footfall and demographic for your brand. Many inner city areas experience a high footfall weekly from commuters which is amazing, but this wouldn’t suit a brand looking to open up just on weekends or evenings. It is also important that you do your research into the demographic of the area whether that’s by seeing for yourself how many people pass the store throughout the day or chatting to the local stores to see what the area is really like. Taking some time to do market research is key so you can launch your pop-up in an area that your customer base visits in large numbers.
Shoreditch is a great example of when footfall and demographic are complimentary. Fashion brands often migrate to East London because not only is it extremely popular, it is also a fashion hub of the city, meaning maximum exposure and opportunity for retail.
The importance of accessibility is two-fold. The location must be the ideal place for people who know your brand to find you, and for people who don’t know who you are to discover you. It’s always useful to check for local transport links such as tube and overground stations and bus routes to see how easy it will be for your customers to reach you. Don’t forget to consider whether the location is good for parking, especially if you receive regular deliveries or you offer a delivery service yourself.
Launching a pop-up in Old Street Station is a sure fire way to be in a position for people to reach you. Sitting beneath a busy roundabout and inside the tube station itself, no one will have a problem finding you.
You need to find a good balance between support and competition from neighbouring retailers and eateries when scouting around. For instance, if you have a fashion brand, being surrounded by other fashion labels means you’ll benefit from getting in front of their audience too. A little competition is good for business, but be careful of appearing in an area where there is too many big names who’ll over shadow your brands. The ideal situation is having like-minded neighbours who offer a complimentary service to your brand, so you can collaborate.
Staying within your budget when considering a location for your space can be difficult. Remember there are many additional costs on top of renting a space e.g. marketing material, utility bills and business insurance. If you are struggling to finance a pop-up shop to begin with, many brands find it beneficial to set-up shop in a shared space whilst they test the market.
Markets are also popular options, such as Venn Street Market in Clapham. In markets like this one, the low rental cost of a stall means you can spend cash in other areas such as branding, whilst still getting in front of a high volume of potential customers.
First impressions matter, so think about how what your location and space says about your brand. You also need to look at how your space will stand out amongst the competitors on the street, and if it doesn’t, how much the landlord will allow you to redecorate the exterior to make sure it does.
Original published article here.