Pop-up stores are becoming increasingly popular, according to data released by Lend Lease, providing retailers with the opportunity to set up shop quickly and easily.
Lend Lease’s growth in the past financial year was 8% higher than forecast and inquiries for pop-up retail spaces increased 20% since the beginning of this year.
Scott Williams, founder of Instant Retail and popUPshops Melbourne, told SmartCompany the current retail climate has created opportunities for pop-up retail stores.
“There are a number of factors favouring the culture for pop-up retail, vacancy opportunities are there, short-term tenancies are there,” he says.
Williams says pop-up stores allow online brands and start-up stores to gain consumer interest and get their brand out in the public sphere.
“Pop-ups provide great opportunities for businesses that are online, they are a terrific occasional concept,” he says.
Start-ups and online businesses are not the only ones harnessing the power of pop-up stores. In 2012, Myer set up five pop-up stores, including one at Southern Cross Station.
Myer’s general manager of corporate affairs, Jo Lynch, told SmartCompany Myer is constantly seeking to engage and develop its customer base through innovative new ideas.
“Pop-up shops give us an opportunity to provide existing customers with a convenient and quick way to shop for gifts, as well as attracting customers who may not usually shop at Myer,” Lynch says.
Lynch says the pop-up stores house a dynamic product line and are in high profile locations. Myer has opened pop-up stores for popular events such as Valentine’s Day and for large store openings.
“We will continue to employ these innovative formats in high traffic areas such as central business district railway stations and shopping centres,” Lynch says.
Lend Lease’s national new business manager for pop-up retail, Sally Harding, says pop-up retail spaces appeal to a wide variety of brands and clients – from vintage store owners to high profile brands.
She says this high turnover is due to the experiential and novelty elements that pop-up spaces provide.
“We had Oral-B in our centres and they took up an experiential pop-up interactive touch taste smell style. That provides an experience; we want to ensure that our customers are having a positive new product experience,” Harding says.
Harding, Lynch and Williams all agree pop-up stores are growing in popularity and will become an increasingly common player in the retail sector.
“These are very exciting times,” Harding says.