While more and more consumers are moving towards purchasing online, a physical store allows brands to connect with their customers in a personal way. Retail has changed and is now about providing an inclusive and unique experience that consumers will delight in while shopping. The future of retail is more engaging and productive and most importantly is more accessible to all. And as businesses are looking for ways to reduce costs, have faster set up and increase sales in order to grow, companies like Storefront are guiding smaller businesses to success.
They have been able to convert spaces in rental spaces for retail, giving smaller companies an avenue of tangible connection to their consumers. Thousands of businesses are growing with Storefront and taking advantage of event space for short term rentals. For example, these Hong Kong event space rentals are allowing companies to reduce their cost to an average of $2,000 to open a pop-up, 12 days for setup and an increase of $1,230 of average sales per square foot. For comparison, the average cost to open a traditional brick and mortar store is $98,000, takes 60 days to set up with an average of $341 sales per square foot.
While Hong Kong retail sales fell 14.6% in Feb, snapping 12 months of growth, online retail sales jumped by 50% in February and just over 30% in January compared to figures from a year earlier. Companies looking to grow their online retail sales can tap into Storefront’s experienced Account Managers who will search for spaces, organize viewings and negotiate with landlords on your behalf.
Whether staying at the The Peninsula hotel in Hong Kong off the Victoria Harbour or making use of consumption vouchers just recently distributed by the government, online retailers are looking to align their brands with such businesses and promotions. So while consumers are in Hong Kong's Wan Chi Region in search of Michelin quality Chinese restaurants, they can stop by their favorite online retailer at a pop up shop nearby.
This service makes it easy as they help with everything you need for your project, from design, insurance, staffing, POS and IT support and more to ensure a smooth transition into retail. As Hong Kong is one of the (if not the) hottest commercial real estate markets in the world, average rental prices are quite high making short term/quick set up spaces ideal for smaller businesses. With a high population and tourist density, Hong Kong is a shopping destination with a mix of luxury malls, small shops, boutique-style and market-style stores in prime retail spaces.
Most importantly for these businesses is that the vast number of offerings and flexible spaces allow business to be adaptable in terms of commitment and design. From showrooms, art galleries, pop-up locations and even event venues, the wide variety of spaces offered by this platform in Hong Kong makes it easy for any company to expand their retail footprint.
