Posted on: 03 April 2019

Using your space to maximise profit

Finding a new way to use your retail space is a way that you can bring in an extra source of income without having to make too many changes to your store.

We have provided some ideas below of just some of the ways that you can make use of space in your business premises to drive additional revenue.

Diversify your product range

Having a product niche is great, but having a little extra diversity can be a way of bringing in some extra income. Why not see if you can introduce products that aren’t too dissimilar from what you already sell, but still different enough to keep your business fresh.

If you sell women’s clothes for instance, why not introduce a range for men, if you sell flowers, introduce a range of gift cards, or if you sell furniture, why not add furniture cleaning products to your range perhaps. This will create a more convenient service for customers who will be able to have more of their needs met at the same place.

Create displays and demonstrations

Any extra space in your premises could be used to advertise some of your products. By regularly reviewing your inventory, you will find out what your most popular and profitable products are, allowing you to dedicate space to make a promotional display to sell even more. You could work with a designer who will be able to produce graphics and point of sale material that you can turn into a display to help with the promotion.

You could also use space in your shop to give demonstrations or offer free samples of any food products. Having a member of staff who can talk to your customers about your products is a way of offering an experience for your customers that they might not get anywhere else. Take a look at our article on how your product knowledge can give your customers a better experience when you have in-store demonstrations.

Host a pop-up shop

If you have the space in your business, you can host a pop-up shop on your premises. By working with other local businesses or larger chains, you could use your space to promote their products or services but this will also be an opportunity to promote your own business.

Networking in your local area will allow you to attract more businesses to come and set up a pop-up on your premises, which may attract new customers to your business.

Introduce a social space

Games Workshop have had social spaces in their shops for years, and with the rise of e-gaming, video game retailer Game have introduced the Belong game arena to encourage customers to spend more time in the store.

By finding a way for your customers to use your retail space as social gathering areas, you will be creating a way for them to enjoy an experience at your business, rather than just a spending trip.

Brand deals

Companies such as Tesco and Spar have looked to big food and drink chains such as Krispy Kreme and Costa to offer their customers a way of enjoying some of their favourite brands at their nearest convenience store. Why not see if you can adopt these brands or others in your shop?

You can offer a coffee service to your customers who might be looking for a drink on the go with a Costa self-service machine or set up a Krispy Kreme display yourself.

Retail insurance with Premierline

A retail insurance policy from Premierline is designed to give you insurance cover to help protect your business in the event of a disaster, however, we understand that businesses have different insurance needs, which is why our insurance experts are on hand to advise on the best insurance covers for your business.

Get in touch today we can find you a competitive, no obligation quote.

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The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.