Furniture Promotion Possibilities Tip #8: Testing a New Market - How about a "Pop- Up" Store?
Furniture World Magazine
By Ron Cooper
Director of Sales and Marketing
Profit Management Promotions
As you drive around the major highways during the month of September, we all notice Halloween stores opening up in various cities. Then, after the holiday they’re all gone but then we see Christmas stores opening up in many of the same retail spots. What’s going on in retail? It’s called “Pop Up”, where businesses come into markets for either short term periods to promote items seasonally or to test markets without having to obligate themselves by signing long term leases. As a result of the "Great Recession" of 2008 and 2009, shopping has changed, with consumers "seeking trusted products at an appreciable value” more than ever and now retailers have the ability to go into these new markets.
Opportunities: Certain retail markets are “hotter” than others but inside every market exists properties looking for a tenant. Maybe you’ve wanted to move locations but felt the risk was too high? Perhaps, some of your suppliers have asked you to help them move some overstock product (imagine that, manufacturers having too much stock) but you don’t have the ability to run a promotion in your existing facility. Today’s landlords are talking to furniture owners about running short-term sales (2-6 months) and in some cases only charging enough to cover their taxes and cam charges (some even charge just a % of gross sales!) Your vendors have many products including closeouts, overstocks, as well as a limited assortment of best-selling products during limited time events, all available by asking your vendors for a list of what they have on the shelf.
Today’s take-away: It’s time to get out of your “4 walls” and go on the web, drive around to other markets, speak to promotion companies who can partner with you by running a high impact event that just might wind up being your new retail home!
Editor’s Note: This is the eighth installment of a new weekly column – Promotion Possibilities – that provides tips, tactics and techniques for using sales promotions for business again.
About Ron Cooper & Profit Management Promotions (PMP) Ron Cooper is director of sales and marketing for Profit Management Promotions – one of the nation’s leading sales promotion firms serving the home furnishings industry. Established in 1985, the company is headquartered in Jamison, Pennsylvania, and maintains regional offices in New York, New Jersey and North Carolina. Visit their web site at www.pmpsales.com
Furniture World is the oldest, continuously published trade publication in the United States. It is published for the benefit of furniture retail executives. Print circulation of 20,000 is directed primarily to furniture retailers in the US and Canada. In 1970, the magazine established and endowed the Bernice Bienenstock Furniture Library (www.furniturelibrary.com) in High Point, NC, now a public foundation containing more than 5,000 books on furniture and design dating from 1620. For more information contact firstname.lastname@example.org.