Should I remodel my store? That's a question on a lot of retailers minds today. On one hand the store seems to be doing okay. So, would it be worth the expense and the hassle? The short answer is..."probably".
A number of considerations go into making a decision like this. Here are a few of them.
- How long has it been since your store was freshened? If it's been longer than 5 years, 7 years at the most, then the answer is yes. A store has to evolve and morph. Truth is, that if it's been 7 years since your store was remodeled then your customers are bored with your store and you and your staff probably are too.
- A remodel allows you to explore opportunities. Opportunities as in improving traffic flow,
Should I remodel my store?
maximizing the production of your entire sales space, correcting adjacency issues etc.
- A remodel shows your customers that your business is doing well. People like to shop at successful stores. They feel that they're being exposed to current products and trends.
- It creates energy with your staff. Employees love to be engaged and involved in improvement. Remodels are a lot of work, but once they are completed your employees will enjoy working in an environment with improved appearance.
- A remodel allows your store to stay relevant. There are so many choices for where customers can spend their money. An improved environment helps to make your store more experiential, thereby helping to differentiate from competitors.
When asking "should I remodel my store?", the two biggest barriers you're going to face are 1. Money and 2. Hassle. I can't help you much with point 2. After having been involved in many remodels during my career, I can attest to the hassle part. If you choose to remodel, it's going to be a lot of work...no getting around that.
Point 1 is kind of a different bird altogether. If you view the remodel as an expense, you're probably going to dismiss the idea way too soon. Examine it instead from an investment perspective. It has been my experience that good remodels can produce substantial sales increases, sometimes even double digit. A good remodel that is focused on traffic flow and adjacencies can also improve impulse sales and therefore, margin. How would some minor changes in the numerators improve your bottom line? Use this calculator to experiment and find out. I bet you'll be surprised.
One last point on the discussion of should I remodel my store? Change just for the sake of change is not productive. Your remodel needs to contain elements that will improve sales, margin and customer experience. Before you even start, it's important to know where you're going and what you're striving to accomplish. You need a plan and a good store layout. That's where we can help you.
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