Seize the opportunity to ‘pop-up,’ boost your business
A recent retail phenomenon is the “pop-up”—using temporary space for a relatively short, specific period of time in a space that was formally rented on a long-term lease. The temporary store “pops up” and then goes away—”pops down,” I guess.
This has come about because of increased vacancy rates in this business climate that causes property managers and landlords to become more creative in their quest to increase cash flow, figuring that something that will help them pay the mortgage is better than nothing.
A pop-up gives a company the opportunity to test a new concept or different location without committing to a long-term lease and, if the experiment is successful, they may be able to convert the arrangement into a long-term lease.
As long as space is available pop-ups make good sense for many businesses in addition to traditional retailers as long as the extraordinary costs to open and close the temporary space can be absorbed in a short period of time.
Depending on the type of business renting the space, the pop-up might not even need to be manned. Good branding and signage can be silent salespeople instead of real ones. A used car company can show off a few featured vehicles, a landscaping company or home remodeling company can demonstrate their expertise and I can think of ways just about any consumer-based business can use Pop-ups to expand their marketing reach into new and exciting different locations:
• A costume company opens six weeks before Halloween and is gone November 1.
• A health service provider or institution rents temporary space to dispense flu shots in season.
• A tax preparer takes space from the beginning of the year until April 15.
The possibilities are limited by your creativity and level of ambition. But if you would like to see whether a new location can benefit your business you have a window of opportunity now. When times become better, there will be less and less opportunity to rent space for a pop-up.
Opinions are solely the writer’s. Larry Galler, of Larry Galler & Associates, is a marketing and management consultant for small and mid-size companies. Participate in a free Lunch with Larry telephone seminar noon on September 22, when Larry’s guest, Social Media Coach Kathy Sipple, will discuss “How to Use LinkedIn for New Business Development.” For connection information email email@example.com and put “Lunch” in the subject line.