Remodeling your commercial retail space can be a tough decision. Obviously you want to improve your store and provide the best possible shopping experience for your customers, but the upfront cost can be staggering.
While the decision to remodel needs to be carefully planned, there are some important benefits to remodeling your retail business.
The Benefits of Remodeling a Retail Business
Increase Total Sales
One of the most important studies on remodeling in retail businesses actually comes from Australia, specifically Monash University . This study looked at the effects of store remodeling on both new and existing customers by looking at transaction data of two anonymous retailers. What they found supports the long-held assumption that remodeling provides a boost to sales, at least on a temporary basis. After looking at the data, it was found that retail sales increased by nearly 50% after retail stores are remodeled.
Increase New Customers
There is also a strong reason to believe that new customers are increased, suggesting a potential long-term boost to sales, as new customers can potentially become long-term loyal customers. The study from Monash University found that after remodeling a store, sales to new customers increased by 43%. According to the study’s leaders, remodeling can be seen as a form of marketing, bringing in new customers while helping to retain existing customers.
Enhance In-Store Experience
Remodeling can also be used to enhance the in-store experience for your customers, which could contribute to a boost in sales. When a commercial remodeling project in a retail store is executed correctly, customers have an easier time finding the items they need, generally feel more welcome, and tend to spend more time shopping, which can lead to higher sales. By providing a great in-store experience, customers are also more likely to return.
Remodeling a retail space is not just for the customers. In fact, many of the benefits are for the employees. A remodeling project can make the space more efficient for employees, creating greater productivity while (hopefully) making the job easier for the people who work there. Perhaps spaces such as an employee break room or lounge could also be added to increase employee moral and enthusiasm.
Makes the Store Up-to-Date
Perhaps one of the best reasons to remodel your store is to simply make it modern and up-to-date. This is both from a style and design perspective as well as a technology and effectiveness angle. If you have old, outdated styles and colors on the walls or ceiling, what does that say about your business as a whole? If you are using out-of-date transaction systems, perhaps new technology would make your store more efficient and organized.
The Perfect Ceiling for Your Retail Business
If you are looking for a high-quality ceiling grid that you can use in your commercial retail business, look no further than CeilingConnex.
Check out our full selection of grids and ceiling tiles and you’ll have everything you need for an attractive retail space!