As you grow your business, you’ll eventually face the prospect of remodeling or expanding your space—but how can you tell when that time has come? To keep your store looking fresh and appealing, you might find yourself thinking about remodeling it. However, several signs will help you determine whether you need to remodel your store at this time.
Before beginning any construction, you should be prepared. Get ready for all possible scenarios. Think of what could go wrong and how you’ll fix it before time and money are wasted, though some problems can’t be predicted or planned for—you just have to deal with them as they come. You should also make sure you have plenty of cash available because renovations can cause a lot. If things get tight, consider getting a Small Business Administration (SBA) loan. It can help you keep your business running smoothly while you continue making payments on time.
If you still have reservations, here are the top eight signs that it’s time to remodel your store, so you can take the necessary steps before you reach the point of no return.
Old Signage
If you have outdated, shabby signage in your store, it sends a message to potential customers that your business is outdated and disorganized. Most customers will turn around and walk out without even looking at your merchandise if they see that you’re not taking care of things on their first visit. You may have a great product, but unless they feel comfortable buying from you, they probably won’t give it a shot.
Stale Products
When it comes to retail, perceived value is everything. If your customers see products or displays as dated or stale, you’ll end up losing money because they won’t be impressed with what you have to offer. The key here is not just seeing old stock as a problem but preventing it from occurring in the first place by managing your inventory correctly and making sure that everything has a sense of urgency.
Run Down Appearance
A store with a run-down appearance tells customers that you don’t care. Even if you have beautiful merchandise, if customers see trash or disrepair, they’ll never be able to trust your business. Don’t let your physical space deteriorate because it will reflect poorly on all of your products and services. Remember, first impressions are critical!
Excessively Small Space
Being too small can be a problem if you want to scale up your business and attract more customers. If your store is cramped, lacks storage space, or has low visibility, it may be time to think about remodeling. Before you start talking with contractors and designers, however, here are a few signs that might indicate it’s time for a facelift.
Lack of Rooms
If you have found that your retail store is just not large enough to accommodate your growing inventory, then it might be time to consider remodeling. Having more room will allow you to display more of your products without any clutter and make shopping easier for customers. There are many other ways that additional space can boost your sales and revenues in a physical retail environment.
Boring and Outdated Design
Looks are everything when it comes to shopping. Even if you have great prices and quality, customers won’t shop at a store that looks like a relic from the last century. Changing your design or remodeling your store can be an effective way to attract new shoppers. Customers judge stores as they walk in: modernized storefronts draw in more sales. If you keep people waiting on outdated fixtures, they’ll walk out of your store faster than expected. That doesn’t mean that you need to spend thousands of dollars on a single paint job—even small changes to your interior layout make big differences in customer flow and satisfaction.
Rusting Seating
If you’ve noticed a change in appearance from new to rusting, it may be time to replace your seating. In some cases, rusting is caused by moisture and humidity. If your chairs are in a high-traffic area or directly exposed to water regularly, consider replacing them sooner rather than later. Scratches: If you notice scratches on your furniture, there may be an underlying issue, such as too much weight being put on one surface.
Low Sales Volume
If you haven’t updated your store in five years or more, then it might be time to consider remodeling. The same can be said if you notice a dramatic decrease in sales during that same period. Generally speaking, stores fall into disrepair over extended periods. So if the business is slowing down, it may be a sign that your store needs an overhaul.
Whether your goal is to increase sales or to just attract new customers, you’ll want to check out these eight signs that it might be time for a revamp of your retail store.