research

Pop Up Shops Research

Pop up shops have become the primary way for retail entrepreneurs to get their idea out their on the street and to trial new products. The pop up industry is already now worth £2.1 billion to the UK economy (equivalent to 0.6% of the UK retail turnover). Locally sourced products with an organic vibe is what is becoming more and more popular which a change in consumer culture which results in boosting the pop up shop industry. The Centre for Economics and Business Research conducted a study whereby they found that the average person visiting pop up shops spent £110.

Although pop up shops may seem more modern it dates all the way back to when people would travel through villages and even continents and trading commodities. An example of this is Smithfield Market in London which is a livestock market that has been occupied since the 10th century. “By scaling up the number of visitors and average amount spent in pop-up shops over the past 12 months, we have once again analysed the economic significance of the pop-up retail economy in comparison to the retail sector as a whole. We estimate that the pop-up retail sector generated over £2.3 billion in revenue over the last 12 months, up from the £2.1 billion recorded in the year to June 2014.” (Centre For Economics, 2014)

imagesSmithfield-2

You can find pop up stores all over UK in different settings, which include typical stores at shopping centres, in motor vehicles and stalls at local farmer markets. The trick into pop ups is to showcase a unique and different approach. An example of this is Bespoke Atelier who for Christmas 2013 made the bold move of locating its first pop up shop in a boat.

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By coming up with such a different concept you instantly attract consumers who are looking for originality which now a lot more people are after. Customers on the pop up boat are also more likely to purchase products as they have left their home to get there so almost feel as though they need to buy a souvenier if you will.

“According to the survey, 30pc of would-be entrepreneurs are seeking to launch a pop-up selling food, reflecting the growing trend towards street food. Some 18pc will offer drinks such as cocktails or coffee, 15pc will sell arts and crafts, 12pc are fashion brands, while 11pc will offer jewellery or accessories, such as handbags.” (Rebecca Burn-Callider, 2015)

After reading an article from last year in the Telegraph it is evident that a third of the new UK start ups will be pop up shops in the next two years. Many successful retail brands started out as pop up shops. Richard Reed, co founder of Innocent Drinks, launched his smoothie company at a music festival and went onto sell his drinks in most food stores. “We did a lunch at Innocent in 2006 to introduce our 100th employee, that felt brilliant. We had grown so fast and had gone from this really fragile startup company to employing 100 people.” (Richard Reed, 2015)innocent_1382796a.jpg

Overall you can tell that for entrepeneurs whether it be creative or not have the best success rate when aiming for pop up stores. With innovative ideas that are original combined with a temporary pop up shop it is certainly going to attract customers.

 

 

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