Return on Investment – “Hardlines” Article Feature
The common wisdom amongst retailers is that 7 years is the average life cycle of a newly renovated store. However, the increasing shift in the marketplace has led to a greater rate of change in this number, calling on the need for faster ROI’s for store owners. Innovative retail store design and knowledge are required to meet this increasing demand in the marketplace and it’s imperative to make sure that capital is being used effectively and efficiently in the process.
Proper planning and expertise are crucial to making sure that, ultimately, sales do increase. Even better, with these tactics in place we’ve typically seen increases between 15 to 40% (all other things being equal). This combined with recent innovations in technology, such as digital signage, have allowed for independent and local retailers to look as professional as the big brands.
These indicators are vital when considering the potential of retail store renovations and how it will affect the entirety of your business including the sustainability of future growth. These are just some of the key issues surrounding retail store renovations and design (and their effect on ROI) that I explore in-depth in a recent edition of Hardlines Home Improvement Quarterly.
Check out our blog for more information on all things merchandising and retail store design!
Burlington Merchandising & Fixtures provides innovative merchandising solutions to both retailers and vendors with a focus on driving sales and profitability. Contact us today to get started!
Enjoy this article? You might also like:
7 Ways to Drive Up the Average Ticket
