» 7 Tips for Minimizing Store Remodeling Costs
Remodeling projects stimulate sales and deliver great ROI. They create an exciting new take on your brand that improves the store experience. So dream big! You don’t have to go over budget to reach your goals either. Here are some tips to help you smooth the process and keep costs down.
- Get everyone’s input before you begin. Being prepared helps you stick to a plan and avoid costly revisions. Talk to your store managers to understand their storage needs and traffic flow patterns. They’ll appreciate that you asked them for suggestions and made them part of the process. Ask other category managers about their goals, too. Is there an opportunity to combine efforts and save money? List everything you’d like to change and prioritize according to wants versus needs. Maybe you can accomplish it all in stages, if not now.
- Start with a professional store survey. This will ensure that the design team has the exact dimensions on hand and can take architectural features into consideration. You will also gain great information about the condition of equipment, warranty status, cabinetry and lighting fixtures.
- You don’t have to reinvent the wheel. It’s possible to work around existing infrastructure and even some equipment to stretch your remodeling dollars. If older items are still in good working condition, hang onto them to reduce your costs. A good designer will come up with a creative solution (such as re-skinning the front) to reuse what you have so you can still achieve your goals.
- Ask your design team for good-better-best variations of your plan. This way, you can compare lower-cost alternatives. For example, do you need a granite surface or will a fool-the-eye laminate do just as well? A good design is flexible and scalable, so you can upgrade other pieces to match later.
- Develop a roadmap. Your designer should show you elevation drawings to work out design details and costs before you get to the execution stage. These elevation drawings, also known as 3D renderings, are great visuals to help you see what your store will look like. They become the roadmap for guiding others through the approval process. Design could also create a fly through (i.e., what a drone might see as it flies through your new store) to share with executive management for an even better understanding of how the new store Remodeling will impact the customer experience. Whatever you can do to make the approval process go quickly and smoothly will prevent costly redesigns further along in the project.
- Combine costs where possible. Bundle your manufacturing, printing and installation for lower production and in-store execution costs. Now is also a good time to develop a brand standards guide, if you don’t have one, for all in-store marketing, signage and store décor. This will prevent revisions and reprints of branded items, as well as help guide future store Remodeling and remodel projects.
- Installation is the most critical step. This is where all of your hard work is put to the test. If not handled correctly, materials could get damaged and that could lead to expensive re-dos. A good, store-specific installation guide will have images to make the process go smoothly. Having a goof-proof guide will eliminate a lot of handholding and show exact placement so there’s no confusion. This will reduce time and costs for your team or a third party to complete the installation of all in-store marketing elements.
GSP is your store remodeling and reimaging expert with 40 years of retail experience.
This post was originally published on November 2, 2017 and updated on February 19, 2018.