Once you have your goals, budget, and key outcomes decided for your store, you are all set to start looking for a potential location for where you can set-up. Bear in mind that finding temporary commercial real-estate can be difficult, but with more and more property owners and real estate agents trusting and understanding the true value of a store in their location, there are more and more options ‘popping-up’ all the time.
Types of Location for Pop-Ups
1. A Store-Within-a-Store
This is an ideal situation for someone just starting their journey in retail. Not only does it come with potential built-in foot-traffic, loyal clientele, and the ability to acquaint your target demographic with your brand, but it also helps the store owner offset their biggest expense, rent. Start by researching and finding stores that best compliment your brand as well as company messages, target demographics, and location.
2. Gallery or Event Space
Galleries and event spaces are fantastic pop-up venues because of their open concept floors and minimalistic set-up. They can be very inviting and carry an elegance that is great for brands in ladies’ fashion, jewellery, or other high-end apparel. Start by looking at upcoming events and seeing if there are any booths available. Make sure to ask previous participants about their experience and how you can get the most out of doing a pop-up there.
3. Shopping Centres
For many brands, the shopping centre symbolises the holy grail of retail - with its massive amounts of footfall and exposure. It is also a stamp of credibility and allows you to interact with the everyday consumer in hopes of becoming a household name that they continue to turn too.
You have two options; you can rent a kiosk or booth space that allows you to set up right in the middle of the action, or you can look at vacant in-house stores that the shopping centre may reserve just for pop ups or has had a hard time renting out.
4. Vacant Street Level Retail Space
Imagine having your very own thriving on street retail space, it doesn't get much better than that when you are looking to build your brand. Though perhaps a distant reality for some, it is certainly a possibility. For the true sense of the word “pop-up shop,” the option of vacant street level space is usually the most popular.
The thrill of the hunt to find that perfect pop-up space is much like finding your dream home, it comes with its own headaches, but when you find the perfect space for your brand, it is all worth it.
Though pop-ups are embraced by brands large and small, the real-estate industry isn’t exactly known for its quick adoption of cutting-edge technology. Which is why, we will source everything for you.
Once you have created an initial list of potential locations, you will want to view the property, we can organise this for you and take the headache away. But before you go, make sure you know what things to look for when checking out locations.
When it comes to scouting a location, there are two main categories you will want to keep in mind, exterior and interior. Here are some questions you will want to keep on hand.
· What is the potential target market footfall in the area?
· Who are the other notable retailers in the area and are they complementary to your brand?
· Are there events or community gatherings taking place in the vicinity?
· Is the retail space in a nondescript building with a small entrance sign, or does the building have a grand entrance with a large logo?
· What is the cleanliness like?
· Is there parking nearby?
· Is the location accessible by public transport?
· Is there a large window for you displays?
· Is there additional storage space?
· What is the lighting like? Can they be dimmed, or alternative lamps and lighting brought in?
· Is there CCTV to prevent theft / damage? If not, what other loss-prevention tactics can be made available?
· Is there Wi-Fi to carry out credit card transactions? Can it be made available to customers?
· Is there an accessible bathroom?
It is important to demonstrate to everyone involved that you have done your homework and that you have all bases covered. Once you have decided on a unit, you should have a list of questions ready to ask upfront in order to get a complete understanding of what you are getting yourself into:
1. What is the rental cost?
2. What is included in the rental cost?
3. Are there any additional utility costs?
4. What is the layout of the space?
5. What are the specific dimensions of the ceiling, windows, doors, counters, pillars...etc?
6. Can the space be modified?
7. Who is liable for what?
8. Is there internet or Wi-Fi?
9. Will you need insurance?
10. Is a deposit required to secure the venue?
11. What is the average foot traffic you can expect?
Once you have those answers, you will want to figure out whether you will be signing a Lease, License or having to apply for a permit. Now, all that might sound a bit scary but before you run away from the idea of selling offline because of some technical jargon, let’s break down what each of these three mean.
Lease - Under a lease, the person using the stated land is considered a tenant and given exclusive possession for the duration of the time agreed upon, otherwise known as the “term” of the lease. The “terms” will also include what you will be able to do the space when it comes to modifications, hours of operation and several of the other key aspects discussed above, including rent, utilities...etc.
Licence- This gives legal authority to you, the licensee, to use the owner or licensor’s asset, without which you are using it would be unlawful. These are given out for more short-term occupants but come with a more limited arrangement and does not guarantee exclusive use of the property.
Permits- Each region will have its own regulations, so based on what you are intending to do, you will want to make sure you are within the bounds of the law. For example, you may be required to have a permit to sell food and alcohol.
Once you have done your homework and assessed whether a potential location is a good fit or not, the next step is to actually go out and see the place in person during the hours the pop-up will run. Make sure to do this multiple times throughout the week at different times of the day. From there, you can make up your mind, request to see the Heads of Terms and or the Lease agreement that we will obtain for you.
Before you sign anything, take a few days to thoroughly review the agreement, or have a legal professional take a look to mitigate liabilities and make sure there are not any apparent shortcomings in the deal. However, if the price is right, the agreement works with your specifications, and the location is perfect for your goals, then you will want to sign and return the document to secure the venue and start planning how you are going to make your pop-up a success.
When you have done this, relax (a little) and be sure to congratulate yourself on your very first pop-up space!