Is There Scope on the High Street for New Businesses?
The high street is changing, and many bricks and mortar retailers have shut up shop in order to run their businesses solely online.
With financial uncertainty being at the back of consumers minds, people have become much more savvy as to the way they shop and where they shop. Online businesses have made shopping frugally much more accessible and many people will be reluctant to pay more for an item from a shop, when they can purchase it cheaper online.
That being said the closure of some of the traditional big players on the high street has allowed small independent retailers to take off and become successful. Although consumers are more frugal with their shopping habits, they are also becoming more eco friendly. Consumers like to know where their food and clothing originates from and like to support local manufacturers.
Is there scope for more shops to open on the high street? If you follow this guide, there is ample opportunity for new high street businesses to flourish.
Find your niche
As shopping has become so convenient and cheap online you need to carve out a niche for your business to give people a reason to visit your shop. Look at what’s available in your local area, are there any gaps in provision? You will need to source a supplier who provides something a little different and something which your target market will love. You may be a designer and sell handmade items, or perhaps you wish to delve into the ever popular vintage market.
Opening a bricks and mortar shop is a big decision, not to be taken lightly. If you are new to retail or you are about to launch products that you are a little unsure of you could start small and opt for alternative sales outlets. You could open up a market stall, pop up shop or sell from another shop who are happy to stock your products. Once you have tested the market you will be better equipped to open up your first shop complete with a neon sign from a1designs.co.uk.
Your new shop is the start of a new brand and care and attention should be taken to make the branding perfect! A good brand relates to its target market, promoting an almost emotional response and trust. Your brand begins with your shop name. Don’t pick the first thing that comes into your head, do a bit of research to find out what other people think, especially your target market. Choose something different, new and memorable.
Once you have chosen the name, develop the branding around your businesses mission and concept. Your branding should tie everything together so that it can feature on all of your marketing materials and website.
Finally, tell everyone that you exist! Perhaps consider a grand opening – complete with the local press, or build up a “buzz” around the opening of your shop on social media. Be welcoming and informative to any visitors to your shop without being overpowering, give people a reason to revisit your shop in the future.