Renovating your retail store can be both challenging and rewarding. At the same time, one of the best ways to build customer loyalty is retail renovation. The key to running a successful retail business is selling a sense of entertainment and excitement rather than only selling a good quality product.
That is why we say retailers must sell something more than a product so their customers will love them. Probably, as a result, the shoppers get married to their business!
One of the best ways to build customer loyalty is retail renovation. If you are a business owner this article is for you!
What is Retail renovation?
Renovation is different from construction. It improves the look of existing space and retail renovation has a lot of benefits for you as a business owner and your customers.
Retail renovation changes the atmosphere, layout, and appearance of your store. Because of that, this will enhance your business by improving the in-store experience of your customers.
What is included in the retail renovation?
The first thing in retail renovation is decision-making. You must determine what you need, what you want your brand to look like, what your budget is, what places need change, what your deadline is, and how much your budget is. After answering these questions, store renovation starts.
1- Floor plan
A floor plan is a diagram that shows the features of your space viewed from above. Floor plans are very important for shops.
You have only the first 15 seconds of entering your customers to attract them. A well-managed floor plan will have psychological effects on your customers and will impress them.
Organizing items, shopper’s path, checkout, maximized space, walls, and blind spots will be considered when designing a floor plan.
2- Customer journey
Setting the customer journey is an approach that helps your business achieve its goals. It is about all the interactions that your customers will have with your products in the store.
Most of the shops are failed in customer journey management. Because of that remodeling, your store will improve your customer journey and will stand your head and shoulders above other retailers.
The customer journey has different aspects. For example, one of them is getting your valuable products upfront.
You need to grab attention, and displays will do that.
A part of retail buildout is window display, and for that, you must try to tell a story with the help of a theme, surprise your customer with something unique and memorable or show your business purpose. If you do so, your potential customer will be your lifelong customer at the end of the day.
There are some in-store display hacks too. For example, placing the items at eye level or putting displays near aisles.
If the retailers use the right color for the products, it will have an energetic frequency and will change the mood of customers.
It is a fact that customers will judge a brand in the first 90 seconds of their entry to the store. 90% of this impression is based on the colors.
We can’t say which color is suitable for your commercial renovation. It depends on different things such as the age and gender of customers, size of the store, and type of the products.
The Commercial renovation will make a new experience, not a new store, and colors are an important element for that purpose. It’s you who must choose the right color, but green, black, red, blue and orange are the most significant ones for attracting buyers.
You don’t believe how much lighting can affect your business.
Products are visible because of lighting and will draw customers’ attention, will keep them in the store for a longer time, will guide buyers to key areas and important products, will set a good mood and an unforgettable experience for them.
Decorative, task, accent, and ambient are the four different types of lightings and you can choose any of them based on the type of your store.
One of the reasons that remodeling is different than reconstructing is that remodeling takes care of all the aspects of the place. It is not only about design but about the mood, sense, and sentiment of the customers.
There are different ways of engaging the senses while renovating a retail store. They are as below:
Mirror: Mirrors will make your store seem larger and more spacious to the buyers.
Music: Music influences customers’ behavior. The music must match the personality of your store.
Scent: Choosing the right scent for your store is very important for keeping the customers in or making them turn away. Every scent is suitable for a different retail shop.
Samples: One of the benefits of a physical shop over an online shop is a sample and demo. The customers can touch, feel and try the products and then decide.
We talked a lot about retail renovation. Now let’s share the store renovation cost.
Store renovation cost in Toronto
Your store is the face of your business so as much as you spend on its remodeling you will get good results and you will recoup your expenses.
The average store renovation cost is around 50% per square foot and you can manage it according to your budget.
If you are thinking about starting your retail renovation in Toronto, feel free to contact us. We have a diverse range of services and a highly experienced and professional team that can meet your high expectations for your retail renovation.