The pop-up economy is all around us now, and it’s no longer limited to shops and restaurants. Recently on our blog we have talked about pop-up opera tours, pop-up hot tub cinema nights and even pop-up pig petting!!
There are now an estimated 10,000 pop-up retail businesses around the UK and with over 26,000 people employed in the pop-up industry. Established high street retailers are using pop ups to test and expand into new locations and to pre-promote new openings, and new businesses are opening without the stress and expense of taking on a long term lease.
What was, for a while, viewed as a fad a has now turned into a support system for the UK’s changing high streets. Pop ups are a massively important part of the commercial property industry now – worth £2.3bn to Britain’s economy, according to a new report commissioned by digital communications company EE and carried out by the Centre for Economics and Business Research (CEBR). The report showed that the sector achieved 12.3% more revenue this year compared to 8.4% in 2014.
There is around a third more shopping space in the UK than is needed by retailers, and these spaces need to be filled. ‘Pop Up The High Street’ is a project in Torbay Town Centre aimed at new businesses, or those without a physical presence on the high street, that would like the chance to experience what it takes to become a successful retailer.
Liz Edwards, Torbay Development Agency Business Advisor, said: “Pop up shops have taken towns and cities by storm and it is great that Torbay is part of this. Our aim is for the Pop Up The High Street to play its part in helping businesses in Torbay grow by providing them with a retail space to showcase their products and free business support throughout their tenancy. Businesses can try out the shop for between 2-6 weeks, all for just £30 a week.”
So, what does it take to set up a pop-up? The biggest advantage of the pop-up economy is that it lowers the entry barriers to starting your own retail business – all that’s needed is a good idea and copious amounts of energy. You don’t need huge sums of money to take on a long lease, or a high spend marketing campaign to support your opening.
One of the key things you do need, though, is the perfect location and that’s where Popupspace can help, proactively find the right space for you based on your requirements. We also negotiate space hire on your behalf – taking all the hard work of lease negotiations away from you.