The pop-up shop trend began in 2017 as a low-risk experiment and PR stunt, but the trend continues to this day and, according to business experts, may not slow down any time soon.
Pop-up shops, or pop-ups, are new online businesses that open up a physical store for a period much shorter than traditional retail or business establishments. It is either to sample the waters and see how an online business would fare with a physical store or a publicity stunt for a company to feature limited-edition products.
While pop-ups continue to be a profitable endeavor for businesses, is it a good idea for property owners to provide space for such a venture? Unlike regular businesses that lease property for extended periods, proprietors will have tenants for shorter periods.
Pop-Up Stores vs. Retail
The biggest difference between pop-ups and traditional retail settings is the time. Pop-ups can last as short as one month and stay open for up to 120 days or so. During this time, pop-ups sell limited edition items or online products from brands that are hard to find in a physical store. Pop-ups provide two things regular retail stores cannot: exclusivity and flexibility. Offering limited edition items creates a sense of interest and urgency among buyers to go and buy from the store while it is still there.
This is not the same case for businesses that are sure to be there several months from now. In addition, its flexible convenience and location allow pop-ups to change, unlike ordinary businesses. The result of these factors is a formula that has worked for hundreds of brands in Canada and the United States.
So is it a good idea to open your property to pop-ups? In the long run, it can be a profitable setup. Vancouver is a good place for different kinds of businesses, teeming with pop-ups and startup companies looking for short-term arrangements.
There is always a high demand for commercial property buyers looking for pop-up-friendly arrangements. You can provide for more tenants in short amounts of time, which can increase the income you would have compared to leasing your property to long-term, traditional tenants.
Not only could it increase your profit, but it can also increase your property’s visibility. With many pop-ups coming to your property, it invites other business owners who want to do the same. Your property becomes a go-to for all businesses because of its increased visibility.
While the concept of pop-ups is relatively new in the market, it is a venture that promises more visibility and profitability. This not only applies to the business itself but the property that is willing to take on short-term pop-up tenants.
Vancouver Business Brokers offers different commercial properties in Vancouver that cater to various businesses. The city is filled with suitable locations to start your business, and we have plenty of property types and listings to help you find the right one.
View our available properties today.