What is a Pop-Up shop?
The term Pop-Up shop was coined in 2004. It is the modern day equivalent of a temporary shop, traditionally seen on the High Street as discount/ sale shops, taken by retailers trying to off load excess merchandise.
In today’s world the concept of Pop-Up shops has become an International phenomenon having evolved as a way of trialling a new concept or the temporary marketing of a brand/ merchandise, without the high risk element of taking a formal lease for a defined number of years.
The benefits to businesses are obvious. It is a simple fast way of entering the retail market for little cost. Not only will it give the business owners an idea as to the viability of their product, but also a test as to whether the location is a good fit.
We see this sector of the retail landscape growing enormously and feel that banks and other financial backers will one day favour lending to the unproven businesses that have opened Pop-Ups shops as a trial, before committing to long term funding.
The market stretches from retail to the A3 restaurant market and clubs. Ceviche now trading successfully from restaurant premises in Frith Street, Soho, W1 piloted their Peruvian cuisine from a Pop-Up site in Farringdon. Peruvian food was not readily available in London and it was extremely important to test the market to gauge the demand. The Pop-Up was extremely successful and gave confidence to the creator to push ahead with his plans to open in Central London. It also led to a raft of investors keen to put their money into the venture.
eBay launched an entire new way of retailing by opening a Pop-Up over Christmas in Soho, London, W1 selling a range of products, exclusively with price tags showing QR codes only. The idea is not always to make a fast buck, but can be an exciting way of building brand awareness or taking advantage of seasonal sales periods like Christmas and Halloween.
The Olympics has given a boost to Westfield Stratford, E15. The landlord has been able to let a number of their vacant units as Pop-Up’s until the end of the games. This creates a more vibrant shopping centre with more units trading than might otherwise be the case. Major brands such as Liberty and Speedo are among the Pop-Ups in Stratford.
Less traditional retailers like BMW Mini have also jumped on the idea at Stratford with an exciting store, featuring a Mini suspended above the frontage. This is probably a first for a car showroom in a British shopping Mall.
Another advantage to new innovators is that due to the success of the Pop-Up, larger stores and even hotels are keen to spice up their offer for a limited period. Selfridges are constantly introducing new products and innovative spaces, like reading rooms. This is a great way for lesser known brands and new concepts to shop window their offer to the massive captive audience that is the Selfridges shopper.
Claridges Hotel in London is also featuring a Pop-Up restaurant this summer to coincide with the Olympics. They are bringing the Michelin starred chef Rene Redzepi to the hotel to feature his world famous Nordic dishes from his Noma restaurant in Copenhagen. Noma has twice been voted the winner of the prestigious Worlds 50 Best Restaurants Award. An exciting addition to London’s gastronomic choices.
How can we at DeVono help you find your Pop-Up shop?
We have a vast database of available retail units. Once you have instructed us to find your site, we will conduct a detailed search on your behalf and approach landlords to see whether they would consider a Pop-Up.
Landlords don’t like empty premises, so they are often keen to see a temporary occupation, sometimes just to cover their rates and service charge liability while they look for a long term letting. During these difficult economic times, landlords have actively encouraged the growth of the Pop-Up shop. They will see it as an opportunity for a prospective tenant to test the location and the potential of a long term let.
How does it work?
The other advantage of this type of letting is that it is likely to be documented by an informal licence agreement as opposed to a formal lease. The legal formalities can often be concluded in a day and therefore the legal costs are low and there is no stamp duty to pay.
We would represent you all the way through the process and charge a flat fee for the introduction.
We can also assist with project management of the fit out if required.
Get in touch
To find out more about how we can open a Pop-Up shop for your business, contact us at: firstname.lastname@example.org Or please call us on 020 7096 9911