June 30, 2016 2 min read
When done correctly, renovations can improve both the aesthetics and function of a retail store. Whether it's increasing the size of your store, adding new dressing/fitting rooms (for apparel stores), tearing down unnecessary walls, installing new flooring, etc., the right renovations will benefit your retail store in a number of different ways. To get the most use and benefit from renovations, however, there are a few things you should consider.
Check the blueprints for your retail store to determine which walls are load-bearing and which ones are simply partition walls. Taking a sledgehammer to a load-bearing wall jeopardizes the structural integrity of your practice. In order to safely tear it down, you'll need to construct a new load-bearing wall to take its place.
You should also consider how these new renovations will affect the overhead of your retail store. Installing a new branch to your store might seem like a good idea, but it will probably increase your total overhead. A larger store means higher electric, gas and water bills. Over time, this additional cost can really add up, taking a financial toll on new retail stores. Go through your finances to perform a rough estimation of how much the new renovations will affect your total overhead.
Some large-scale renovation projects can certainly place a retail store out of business for days or even weeks. There's nothing more frustrating than closing your store while it's being renovated. If you're hiring a professional contractor to do it, find out how long it will take and whether or not your store can remain open.
Renovating a retail store isn't cheap by any means. Talk with your accountant to find out how much money you can allocate towards the renovation. And if you come up short, consider applying for a retail store renovation/remodeling loan.
Ask yourself if renovating your retail store is really worth the investment. Not only will you invest your money into this project, but it will also cost you time and energy as well. Expanding your store so it's able to hold more product is typically a smart move that will pay off in the long run. Other renovations, however, may offer little-to-no benefit.
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